At least do what you can to slow down the major cap-ex expenses like plumbing, roofs, HVAC, etc.  

We are looking at two different deals/scenarios.SFR 3/2 $200k, 20% down ($40k), 5% int, 30 year fix, $5k initial expenses, $45k cash to purchase, rent $1650, NOI $1106, cash flow $247/mo $2,969/yr.New Commercial Condo 1100 sqft, $143k + $10k mezzanine + $23k build out finishes ($176k total), 25% down ($45k), 6% int, 25 yr amortization 5 year term, annual total rent $20.18/sqft, rent includes $8/sqft NNN (includes roof, parking lot, landscaping, common area property tax, unit property tax), NOI $1093/mo, cash flow $240/mo $2,884/ yr.Both scenarios exist in growing high demand markets near Denver.  

From my understanding regardless of how you structure it legally the owner is responsible, so if the roof or more needs replacement the end tenant doesn't have to pay and what owner would put themselves in this expensive role of landlord if they aren't going to expect to receive all the benefits rather than splitting them with a middle man investor? 

HOw old are the appliances, AC, Heater, roof, roof, plumbing, windows,

Building didn't need work, in my analysis.65 Year Old Building.New Roof being installedExpected Purchase Price 300 KNumber below don't include property value appreciation Loan to Value 81.07% Cashflow / Initial Investment (CoC) 0.79% Cashflow / Assets 0.18% CAP Rate 6.01% TOTAL OPERATING EXPENSES $15,610 NET OPERATING INCOME $16,819 Less: Annual Debt Service $(16,324) CASH FLOW BEFORE TAXES $495 Add Back:Principal Payments $4,406 - Depreciation $(617) TAXABLE NET INCOME (LOSS) $4,285 Monthly Income Per Unit Pre Tax $10.32 Thank you

My profession is business development for a tree and roof company currently, so I have a background in contracting and have the contacts to get a lot of the work done.  

@Nick BaldwinWhile it is always important to have your finger on the pulse in regards to the markets, you can't sit there racking your brain about when the bubble will burst, if at all. 

He helped me do a little foundation work (minor work), reroute the dryer vent, and replace some broken shingles on the roof from a fallen tree branch.

The permit department only has a record for 3 permits, all done in the last couple years: electric, new roof, radon system.

Ten times the houses means ten times the roofs, ten times the furnaces, ten times the fridges, etc.