My issue is with figuring in approx 150K of deferred maintenance.  

Military can defer capital gains when they occupy a property for 2 years out of ten.  

I would also suggest getting an LLC for every home you purchase and making a bank account for that specific property and defer from using the funds unless it is for that specific property that way your property's income is paying for all of the unforeseen costs you might incur as an investor. 

., California has taken the position that if you sell California property and then defer the taxes through a 1031 Exchange into another state it is tax deferred but they do want their "fair" share when you ultimately sell and cash out.  

@Marcus Isaac - with deferred CapEx items that I am aware of, I would negotiate a lower price.

Personally, my main concern is the deferred maintenance from the previous landlord.

It takes a shift in mentality and enough maturity to be willing to defer luxury.

I'm skeptical of the idea that there is no rehab or deferred maintenance needed.  

@Tim Burdette, the number of properties that you ultimately purchase is not what determines the tax deferred status - It is the reinvestment amount that matters.  

so why would you buy into a deal where you know you've got a boat load of deferred maintenance and a condo association afraid to tell it's members bad news?