I would be purchasing one unit out of four in the building, which was constructed in 1975 and needs exterior repairs including to the roof, carport, trees and paint.

Thank you in advance to anyone willing to provide any assistance.

Three will be leased and in good good shape when the deal closes, two vacant and in need of repairs, which will bring the all-in cost, including rehab, to just a hair under market value.

Expenses incurred before the in-service date will likely be capitalized (added to basis) and depreciated over the life of the property.It’s much more beneficial to deduct expenses in full as opposed to capitalizing and appreciating them, so it’s important to advertise the property as soon as possible.Since you’re doing rehab work, it’s also  important to note the different tax treatment of expenses with respect to repairs and capital improvements.These talking points should certainly be explored with a professional.

The old rule of thumb is that you want at least 30% equity to give you room for repairs, holding costs, sales costs while still earning a profit.

There is the week-ish delay of getting your funds but you should have reserves for repairs etc. anyway so that shouldn't be a problem. 

But I have to ask, for such an expensive repair, that from the sounds of it your decision whether or not to even buy the house hinged on, did you not think to get more than one quote/opinion BEFORE you bought the house?

Examples: *Duplexes with rent potentials of $1,500 per unit selling in the $500-700k range*Quads with rent potentials of $800 per unit selling for $500k+ (that need about $80k in repair)...I mean just quick 1% rule would make me RUN from this type of property...right?

I've recently purchased a 15 unit building that was originally built to be an assisted living facility.

Inside looks good, minimal repairs and RE agent estimates rent a little higher.