You found the tiles and there is more; but it is not a big deal, unless for example, there is a forced air heating system and you decide to do an extensive re-model.

All of the units will need extensive electrical, plumbing, sheetrock, fixtures, probably gas lines, some need masonry work, another has termite damage, two others have mold from failed siding, there is some roof repair to be done, tiling, basically everything.

@Matthew Anderson be sure to double check the expiration date of whatever lease/ extension that is current for this tenant.

Make sure you are choosing a mentor that has extensive experience over a decent period of time. 

It could be a 10 page promissory note which outlines all kinds of conditions under which various extensions, penalties, and default conditions might apply.

I like the WestPort area in KC MO because of the street car extension...I’m happy to help with contacts, I have local lenders, broker, Lawer and property Mgt covered.

You can find a great deal and co-wholesale or JV the deal with a wholesaler that have an extensive buyers list.

I think I could get it for a low cost, but by the sounds of the description there may be extensive fire damage.

Having access to this kind of capitol could allow you get into some decent value add deals that require extensive rehab, but would increase the value.

The 203k has all the requirements of the normal fha loan, and some extra requirements around the reno project. 203k is much more complicated so do extensive research if you think you might use that product.