If the life of the unit is basically done then replace it,Gas furnace is inexpensive about 1800 installed 

The much bigger issue tends to be operators that don't have good management or processes in place, and vastly overestimate their performance in the underwriting, but can't deliver on value-add.2) I would go with other investments / market options in times when they are most inexpensive: during a recession, during some kind of asset crash, slow period for an industry, etc.

Having the septic tank pumped is in expensive compared to replacing the drain field. 

I put in expenses pretty conservatively (about 20k) and assumed you would do PM.

We are thinking of getting either get an inexpensive multifamily in the suburbs just for renting, or house-hacking a more expensive multifamily in the city while renting or selling our current home.

The industrial-era housing stock is very inexpensive, while the rents are moderate. 

John Rogers why is it some places I have seen in central Florida ( example Bartow, Lakeland ) so in expensive?

If i had a good good rehab crew there i would look for a very inexpensive 3 bedroom 1 bath home located on or near a bus line and start there.

I need something very inexpensive.

Thank you all for the warm welcome.I selected Missouri based on some market indicators…..the property here is relatively inexpensive and the rents are fairly high in comparison.