Get a lead based paint test kit and verify (yes/no) for yourself on trim, siding, and windows at a minimum.

Owner took out a mortgage in 2013 for $68k for the purchase of bothCondo association filed delinquent assessments on 3-24-15 this year for Floors:1, 5, 4 & 11 -- not sure why they did not file on some of the others - per my understanding the original developers are not paying either, however thats probably a moot point since it would be like attempting to get blood out of a turnip.Taxes per floor range in cost from $2700-$5100 -- the ones with lower assessments went and argued with the appraisers office once they bought out of foreclosureSpecials payable until 2023 of $4421 per floor  (once this is done - helps a bit with cash flow -- specials were used to change some windows, make street level improvements and upgrade the heating/air)Last Income statement I could get my hands on was from 2012 -- Expenses per floor at that time (doubt it's changed much except the owners association dues are likely higher to make up for the shortfall of the other deadbeats)Monthly expenses of $2500-3100I believe the mgmt company is ripping the condo owners off - charging $3575 per mo for the building for building maintenance, $3046.23 per mo for janitorial, $3300 per mo mgmt fee -- these are some big ticket items I could see cutting back on.So rough financials per floor per mo****************************************$3383      per mo rent (5800 * 7psf/12)   (676)     20% vacancy allowance   (643)     general/special taxes   (2600)     rough avg expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------(536)       rough loss per mo on a worst case scenario$4350 per mo rent (5800 * 9psf /12)   (652)   15% vacancy allowance   (643) general/special taxes    (2600) rough expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------455 cash flow per mo on a better case scenarioWhen you put pencil to paper this is not a good deal as it sits presently, however per my understanding - if every floor owner (or if the expenses for the building) were truly spread out over the 11 floors and all 11 floor owners (or one joint owner) was paying their share the monthly expenses could be cut quite a bit.  

Look below this Window, and you will see a list of names of people that have posted in this thread.

We bought this house of the tax repository list which the county was originally asking $1850, we could see in the basement window there was about four feet of water and since we could not "legally" enter the property we estimated some other issues we might run it to and offered $500 and the offer was accepted by the tax office.

Exterior work (siding, roof, windows), drywall, flooring, painting, kitchens, bath, miscellaneous electrical, plumbing, etc....  

Off the top of my head it needs:-Kitchen -Appliances-Flooring on all of first floor-Paint-TLC in bathroom-New carpets on second floor-Light plumbing-New windows in basementI will hopefully have it inspected by the end of the weekend.

Regarding you repair estimates- What are you estimating for kitchens, baths, roof, windows,.....  

Currently tenants would have to provide their own window ac.

Find distressed properties in your area, perhaps ones with grown up yards or broken windows, then proceed to contact the owner of the property; pre-foreclosures are ideal, as well.

I bought windows interest free, 24 months from Home Depot and a new Furnace and A/C financed through Synchrony Bank for 12 months, no interest.