I truly Am appreciative to each of you So no one has leases with something like tenant is responsible for maintenance items up to x amount 

I would want to see copies of the leases, a rent roll for the past 3 years, and itemized list of repairs and maintenance done over the past 3 years, property tax documents, proof of insurance and bills and any appraisal done in the past several years. 

Taking care of miscellaneous punch list items.

I've listed my high level outline below, and welcome any feedback.1 - obtain all building permits for the property - understand what's legal and what's not2 - talk to the city development person to see whether I can legalize the current illegal units and bring it to code, or if I'll have to remove it3 - after understanding what needs to be done with the property, talk to a home inspector to identify which units are in compliance and what's not (also get all the standard inspection items)4 - work with a general contractor to get a $ quote for necessary jobs on the property5 - bake those numbers into analysis to determine whether to buy6 - discuss property details with lender and get an appraiser's input7 - submit offer after passing all criteriasAs a first time home buyer, what else have I missed?

You can add items to it as you progress in your career and get it reviewed once a year.

I consider cap ex items seperate (roof, ac, furnace)

Everything has a life span and depending on the condition of each item you can come up w/ what makes sense.

If that's not possible then your accountant will simply manually deduct those items from the settlement statement when filing the form 8824 with your tax return

With the tax changes it looks like next year I will opt for the standardized deduction rather than itemizing my taxes.

So either loan them money at 2-4% PER MONTH, or buy easily sellable items at a good discount.