Renovation would be extent from electrical and plumbing to perfecting finishes the whole "Rehab shabang"!

The plumbing and electrical seems to be OK.  

Which in turn minimizes change orders-It helps in getting inspections (plumbing, electrical, hvac, etc). approved.

Separating utilities would require me to have a some electrical rewiring and purchase new furnaces.

You really need records of how old the paint job is, how old is the plumbing, electrical, roofs, water heaters, etc. 

I said I would only be interested if it is owner financed and he agreed.Asking $55,000 which is close to market value. records show he paid $49,750 in 2012condo fees: $136/ mo ( includes exterior maintenance and cold water)taxes: $120.33/ mo ( $1443.82 annual)Insurance: $12.08/ mo ( $145 annual)He is asking 10% down and 10% interest rateCondo is currently rented for $650 Electric heat ( paid by tenant)2 parking spacesWhat do you guys think about these numbers?

I'm new at this, but my assumption is that the electrical system has to be brought up to code in order to sell the house.

-Fix Roof-Renovate and re-arrange walls-Redo Electric panel and seal from moisture buildup-Remove tenant (found out she was section 8 but I got lucky and they already found a place!

Community has no HOA and taxes are low , it's also on a well and septic so you only pay for electricity which is low.

I am taking my time to check everything out plumbing electrical tenants and there leases past bills from owners regarding.