Depending on the condition, you may want to offer below market value to deal with damage. 

Capital improvements include expenses for improvement to the property, such as a new roof, new siding or major renovations.Capital improvements for residential property are deductible over a 27.5-year period; Ordinary repairs required to maintain the property in good condition, such as painting, fixing leaks and replacing broken windows, are deductible in the year they are paid. 

Portfolio lenders/commercial lenders usually restrict LTV due to two reasons: property struggles to cash flow or your credit score.However, we still usually see 65% LTV or so in these conditions -- unless it cash flows very bad.

Any turnkey investor should ask very probing questions of the turnkey provider regarding the condition of all mechanicals, roof and windows prior to entering into a deal.

I would as far as what to be aware of, when you purchase a property with existing tenants you are bound to the existing lease conditions until their leases expire. 

In other words, if you’re think today’s overall homebuying conditions are sustainable (I’ll bet you sell real estate), you’d argue the top of the rankings are simply the nation’s “hottest” markets.

@Meghan CusterAside from the aforementioned market conditions and best use scenario, what is your financial position (that is somewhat rhetorical given this is an open, public forum)?

Through a combination of devices like NoiseAware and Ring doorbell, there is potential to automate messaging to guests that there is excessive noise or too many guests at the property.

Purchase price: $58,000 Cash invested: $13,800 Sale price: $101,500 Bought this 4 unit in bad condition and without tenants.After fixing the place I brought good tenants that get help for paying rent - like county assistant.COVID19 made it difficult to handle tenants in that area but hard work paid off.I sold the property to take over a better dealI have attached some photos of how all units looked like after the fix-ups I did.

I would discourage you from "jumping in" without educating yourself, knowing the market conditions, or understanding the numbers, etc.