Make sure the roof and mechanicals are all working as those items are costly.

So your down to HELOC or something of similar mechanics. 

My Depreciation was sit up one time and then an auto entry for each month.Recently have switched to Buildium for the management platform. 

In our experience, this is the biggest challenge owners & PMC's have.Here's our copy & paste about it:Maintenance ChargesCommon: owner agrees in contract that PMC can perform work without owner approval up to a certain threshold (Example $500) or in an emergency.Questionable: owner doesn’t find out about charges below threshold until they get their monthly statement.Hourly – PMC bills at hourly rate depending on type of ServiceTech sentEXAMPLE: Owner billed at $65/hour for handyman workMarkup is hidden in that rate as highly unlikely PMC is paying their handyman the whole $65/hour.PMC or a subsidiary billing – PMC submits bill from their companyEXAMPLE: Owner receives a bill for licensed HVAC work on PMC form.Owner does not get the licensed mechanical contractor bill, so has no idea of PMC hidden markupTransparent – original bills from all contractors sent to owner, PMC charges a pre-approved markup for their time to handle.EXAMPLE: Owner receives a bill for licensed HVAC work on contractor’s form.Only challenge is some PMC’s get illegal kickbacks from contractors owners don’t seeThere are then many different IF -> THEN fees to cover evictions, emergencies, filing insurance claims, etc.WARNING: never assume you won’t be charged for something unless it states so in the management contract!

If you use rent manager or many other property management softwares you can offer auto debit, credit card, e-check, and cash payments at retail locations (Walmart, ace, etc).

Wanna-be-entrepreneurs are a dime a dozen.Whether you are looking to-Invest in real estate-Open a bar or a restaurant-Open a service shop (hair salon, barber shop, mechanic, jeweler, dry cleaner, etc)-Start an online business (amazon FBA, dropshipping, content creator, education, etc)-Build a car rental fleet-Become a real estate agent-Build a landscaping route-Build a pool cleaning route-Start a vending machine business-Invent a new product (i.e. shark tank)-Etc etc etcAll of these pursuits can still be profitable, but there is just more competition than ever before due to the exposure and all of the relatively simple business models being exposed online.Real estate has fit into the bucket with all of these "simple" business models because investing in real estate is a very basic, simple concept to wrap your head around.

Will you be doing any structural work, or complete overhaul of the mechanical systems?

When we are done it will be brand new everything, and bringing in about 40k a year, net about 30k, with an all-in price of about 115k, All the best    Sorry, if a house is condemned, I assume the structure is possibly compromised, the wiring needs to be replaced as does the mechanical and the plumbing needs to be checked, all of which needs to be seen to be cleared. 

Also, if you upgrade to one of the paid plans, you'll get access to the auto-add feature which automatically adds new properties that meet your list's criteria. 

Get a good inspection and yes, have all major mechanicals checked out.