I am guessing a lot of owners just collect the rent, defer all the major repairs and expenses, sell and pass them to the next buyers.

Me and my brother purchased a 1941 4-unit in Silver Lake (Los Angeles) back in 2003 for $560K (top of the market at the time, it needed major renovations, and we had to get rid of the existing tenants -- 3% down, 6.5% interest 30 year fixed). 

With all of the major companies based in Washington, it seems to have had a positive impact on the real estate in the area.

In fact, it’s a major factor in your ability to successfully raise money.

Currently we are not interested in selling the home, or making major improvements (yes the 1 bath is not ideal), but instead renting it as-is and see how it goes.

Your major limitation is the quality of your credit.

I received the last expense statement today and they are in the middle of a major remodel on one apartment.  

In May 2013, a tornado came close to both properties and resulted in damage resulting in two claims (nothing as major as you think - just re-shingled roofs.

My other interests are Music.Last but not least I'm currently attending Classes at Cypress College Majoring in business administration with an emphasis on marketing. 

This is not just a factor in getting loans it is a major factor in personally staying afloat financially.Get the first deal done, rehabbed and sold.