Too many unknowns that are usually hard to clarify for a quick decision.I am sure that is to my uneducated eye, there must be very successful investors around here that have a way to make this a less risky move.

I'm also getting into the investing game so I understand what repairs are a must to be habitable for tenants and which can wait. 

This must be a popular forum to have so many nearby participants chime in!

In assessing the use of equity you must also understand that due to the opportunity value of cash buying cash flow with equity to create artificial cash flow is extremely expensive.

The work for the phase must be completed to the satisfaction of the Lender, via the Inspector, who will release funds to your account to pay Contractor.

@Bob Drew - I collect the SD with the lease signing, and in this case would start the lease 3/24 and prorate March rent (Rent / 31 x 8) and make March/April rent due 3/24So now they sign and pay the SD3/24 they must provide proof of renters insurance, pay prorated march + april, and get the keys (I also will give them keys the day before as long as they have everything else)

You must find the highest paying job you can secure and expect to be there a minimum 10 years if not till retirement.

I've developed my own system, that involves the following:1 - The 3 Pillars (mine) of REI...Market Analysis, How Money Works, and Developing a REI Plan...and how all three are equally important, and must work as one.2 - My REcapS System (a system within a system) that is a 3 Level circular (perfect) system where Level 1 feeds Level 2, which feeds Level 3, which comes back and feeds Level 1 again (thus the circle, or perfect system). 

The key is that you MUST declare all of the expenses it takes to legitimately run your business/manager your property. 

The missing windows and walls and graffiti throughout must have been mistaken for artistic enhancements of the property since there wasn't any other way to justify a higher number.