A contractor who left before finishing the completion list, lied on major electrical work that wasn't done correctly or up to code, water leaks everywhere.. and just an expensive list of repairs.

The house is generally in very good condition mechanically (newer boiler and on demand hot water heater, PEX supply plumbing, new outlets, switches, light fixtures, updated electrical panel with breakers, fresh flooring, fresh paint, etc).

If the HVAC or water heater breaks, your landlord's policy won't help with any of that.

You may be responsible for back taxes, water bills, municipal liens, other liens.  

It's a tough grind, high taxes, sketchy tenants, high water bills, lack of parking & tough permit enforcement for rehabs.

NIMBYism has hosed this model.

It'll feel like drinking from a fire hose at first as you see how broad 'real estate investing' is as a topic, but there are a lot of great people here very knowledgeable on a broad range of topics and experts in nearly every market. 

Quickbooks can't cope with divvying up my new roof or my insurance and water bills 60/40 while also allocating 100% of my unit turn costs to Unit 2.

Going from 3 bedrooms to 12 can usually trigger an increase in waste extraction and water delivery.

Here is an article that I found on the Veteran's United website because I am trying to do the same thing:https://www.veteransunited.com/valoans/va-rehab-loans/The article states:"Here's what you can do:Repair or add new windows, doors, or sidingRepair or add new roof or guttersInstall new HVAC systems or water heatersImprove insulationWeatherizeTreat mold, lead paint, or moldMake updates to improve energy efficiencyRepair or replace the flooringRepair or replace electrical or plumbing systemsAccessibility updatesIn general, the project has to improve the property's livability and value and must become a permanent part of the home."