Check all the bigger items (furnace, water heater, roof, siding, carpets, paint) to ensure your prepared for future repairs or replacement. 

If a vacation/2nd home isn't your primary residence and you won't be visiting regularly since it has to be at least 40 miles away from your primary residence and it's preferred to be in another state, it makes perfect sense to have a 3rd party make sure the home stays in good condition and alerts you if anything happens like a busted water pipe or a tree falling on it during a storm.

The biggest problem was water damage from a busted pipe and water damage to the added porch.

Total Income/Month = $2420Minus the $575 once I move in but I will have a roommate who will pay 200 + half the electric so I would subtract $375 from $2420 =  $2045Expense Break down:PITI = $1447.62Tenants pay Electric,Cable, and Internet I pay water which at most is $180/mLawn = $50/mSnow = $100/mGarbage = $50/mElectricity for my room =$50/mTotal cost = 1877.62Income - Expenses = +$167.38/month plus I would live for freeI have an inspector going through the property tomorrow and am heavily considering having the plumbing checked out due to it being an older property and would love advice on this. 

Meet me in the woods or on the water!

Either or works Well just use this as a simple example 24 Unit apartment Complex ( B-  or C +  type  property Purchase Price - 1,920,000 ( $80k Per Unit ) may be low in this market Down payment - 25% = $480,000 Rehab - $ 6,500 per Unit ( some units  more than others ) = $ 156,000Common Rehab - Water Heater , laundry room if it has one , Paint of building , landscaping , windows , parking lot  , roof ( 10k - 70k ) This ranges a lot depending on the property Closing cost - 20-30k tax - 7,000 / year insurance - 12,000 ( wind n hail , general , fire  ) / per year Property Management ( 10 % ) = 2,160 / per month vacancy - 10 % = $ 2,160 per month Cap X ( fridge , window , curtains , doors , paint , roof , pavement ) - 1,080 / per month Landscaping - $ 800 per month simple repairs - $ 500 -900 per month common area electric - $ 300 per month Mortgage $ 7,500 ( 30 year amortization  , 4.75 % rate  ) Income - $900 per unit = $21,600 , this varies based on area . 

@Patrick Reagan The age doesn't matter as much as how it's built, what it's been through (pests, weather, water, bad flashing etc), if it's been retrofitted or improved over the years and the condition of the material. 

How old is the water heater and HVAC?

Forgot to mention an entirely new high efficiency combi heating/hot water system with new baseboard throughout as well.

In this case we had to tap in to city water because there was never a home there before.