I'll need someone to put down flooring and/or new counter-tops in kitchens, and possibly some roof repair, etc.

@Chris Tracy that was how I was doing it plus looking at comparable rents and looking at per unit cost.This property: Built 1982, shingle roofs 6 buildings, only amenity is a pool-Property is 75% newly renovated-It IS distressed as the vacancy was in the 20%+  range when I heard of the deal-a new management company has been in for 4 mos and has raised the tenancy to 88% currently-it is in a suburb of St.

For instance if your condo association is responsible for the $30k roof of the building and they don't reserve for it for the first 30 years to keep fees low they look pretty good but that poor guy that buys right before the 30 years is up is going to get smacked with a special assessment.If you're going to get into one you just need to do a lot of work to make sure that the finances of the association are in good shape for the services they are responsible for.One last thing, if your plan is to rent the condo out make sure that is allowed because a lot of them have caps on the number of units that can be rented.  

Was it just wear & tear or did something damage the roof first (ie. 

Four months after closing on a nicely renovated fourplex, a tenant parked their vehicle next to the rear steps on a day with 65 mph winds and a divider made of concrete blocks fell onto the tenant's windshield, hood, and roof causing at least $2500 in damages on a recently purchased used car.  

The roof is newer and it's sold as is.

If I wanted to correctly lay shingles on a roof I wouldn't ask a dentist how to do It.

a lot of plumbing and poss roof leak.

I was given a suggestion by a contractor to use that to change the damaged roof in one of my flip projects, so that I don't have to put money out of my pocket and it gets carried forward with the property tax for new owner.

Capital Expenditure allowance (replacing the roof, water heater...), and Property management.