They will come up with an estimate to do the repairs. 

Even when they tell you that the property is sold, continue analyzing and find out whether you would really pay asking price after knowing all the financials, recent repairs, board of association, recent changes in regulations, etc.

Data:Initial cost = $500/yearService calls = $75/eachAssume, the rent on the property is $1,200/month and a 5% repair reserve ($1,200*12*0.05) = $720/yearUnder this scenario, it tells me the breakeven is about three (3) service calls per year with the warranty company. 

I'm also getting into the investing game so I understand what repairs are a must to be habitable for tenants and which can wait. 

I would like to pull out a HELOC on a duplex that I bought for $92000, put down $13000, now have an existing loan for $79000, but if I can make a few updates and repairs to the exterior... this is in a market where this house would be worth $160000

After you get it repaired and stable, then you could refi it with fannie/freddie or other non-recourse

Repair might take some time maybe weeks as they need to order parts.

They will usually lend you 70% of the After Repair Value on the property. 

I would recommend having the process from screening to move in laid out in a “Application Procedures” document to give them in the future.

I personally have started using cozy.co for tenant applications, online rent collection and managing repair requests.