The deferred maintenance to the property includes, but is not limited to, roof damage/leaks/roof replacement ($4.5k), deck repair ($1.5k, gutter replacement ($1k), landscaping & tree work ($1k), carpet replacement ($500), and kitchen/bathroom repairs/upgrades ($3.5k).

If you're in this for the long haul you will have expenses like roofs, sewer lines, nasty evictions and major tenant damage.

I would also find out ages on key systems (roof, HVAC, electrical, plumbing, fire alarm & suppression) and estimate initial/short term capital outlay accordingly {If you get to an accepted offer, you'll look at these things in more detail}Are all units separately metered for all utilities?

I'd say you should wear a retracting harness with a tether so you don't fall, but hey, any contractor I know would shoot you if you followed them on top of a roof so I think you're safe from falling, (not safe from bullets, so don't try going up there after them!)

It has a new roof and new electrical.

(LOL) Condos with basements are common here, the fire-common wall footing is below the slab grade and extends up to the roof.

Owner pays taxes and insurance and outside maintenance like walls, roof, parking lot.

I am new too, so I can't offer a tone of advice, but some of the best learning resources I have found are the podcasts.

If you own it free and clear, it will not hurt you in getting a loan on another property, it will just not help you by providing additional income.Start keeping excellent records now...you are going to need them later.

. :)Just to make sure this is not one of those situations where tone and intent of a comment is not lost in writing.That particular comment was a jab at some attorneys proclivity for being wordy, and not saying anything, sometimes in longwinded documents.The one sentence I quoted I will guess was unintentionally redundant.So not at all meant at as a "What the hell Bill are you a frigging lawyer now too???"