We also do preventative maintenance, make sure gutters are clear, downspout extensions are on propperly, check the roof and flashings, HVAC (filters!)

( That can include large unexpected repairs, for example, like finding out you’ll need a new HVAC system or a new roof, which can cost upwards of $500k plus).In addition, some of the investors who expressed an interest will end up backing out, and having an excess or reserve will help fill in the amount you lost.

Do you use Operating Capital to replace a leaking roof or Busted HVAC? 

Looks like furnace and water heater is good for now, and no description on when the roof was built.Any advice would be appreciated.

I've read the previous posts that warn about purchasing townhomes without HOA because you can't always agree with the other owners about fixing the roof and such, but since I will be purchasing all 4 units does that negate these negatives?

But it is hard knowing that I am only looking at cash buying 30-80k houses which prices around that range comes with bad things such bad roofs, boiled, and pipes.Thank you for your responds 

Make sure you are factoring in reserves for roof, appliance, hot water heaters, ect...

It needs a new roof, windows and doors, and all new mechanical.

What happens if you need some decent capex in the first couple years like new HVAC systems, new roof, etc.

Specifically will need contractor(s) who have expertise with (in no particular order):-Chimney repair-Drywall repair/replace (two patches on stairs)-Flat roof repair-Plumbing - complete replacement-Update/Clean Up Electrical-Washer/Dryer hookup installation (basement)-Replace both water heaters-Baseboard installation in attic (to make into a legal 3rd bedroom)-Structural corrections to exterior stairs leading to 2nd unit-Structural corrections to front porchI've received a quote from a GC, but want to interview a few other contractors.Thanks,Bret