What I realize with deals, like somebody mentioned above is that you have to build rapport with people, but more importantly 'deals' aren't usually initially presented for the buyer to make a killing, they are trying to get the best bang for their buck as possible, so you have to massage the deal and then make a pitch to the seller that will meet their needs!

How much is their deposit and how much are your charges for painting and redoing some of the electrical problemsHow much of the deposit are you refunding them? 

My brother and I sub'd the roof, stucco, concrete, flooring, electrical and plumbing.

Roof, HVAC, plumbing, electrical, or just age of the homes in general.  

The original PM (now fired) didn't take a security deposit from them and with all expenses, water and electrical bills etc. they have left me with an outstanding debt of around 2200$.

It's worth getting into a relationship with a contractor who is willing to come along and do some detailed work about kitchen bathroom, plumbing electrical, foundation, roof, etc, and a number to go along with each in exchange for hopefully getting the job or if not, a fee for the work done from you.   

That 1, 2, 3 combo fixes 90% of little, nuance troubles and the home warranty covers appliances, hvac, electrical, plumbing, etc calls with only $75 out of pockets per event. 

It has old electrical throughout the whole house.

It had no hot water heater, the electric wiring was so old it all had to be replaced, it had termites, the bathroom needed a complete remodel.

Things we have thought of are roofs, furnaces, plumbing, electrical etc...Is there any information out there that could help us out and are there any specific things that we can look for and ask when viewing properties.Any help would be greatly appreciated.Thanks!