There is plenty of money to be made doing the right thing.I had investor client the other day ask me if he should pull permits on big rehab project including big plumbing, entire electric rewire, structural changes etc.   

All the old cabinets, vanities, fixtures, flooring, polybutylene (quest) plumbing and appliances have been removed. 

The project will include rough in plumbing and electrical and an upgraded electrical panel.Thanks in advance for the support!

In seller disclosure, seller claimed that the room addition did NOT require permits because the work done was “cosmetic”, even though there were structural renovations, plumbing, electrical, etc that the seller admitted to overseeing.

( :In my experience, there are three equally important things we like to look at before taking the plunge on a deal:Fixed ExpensesVariable ExpensesAnd Capex (Capital Expenditures)Fixed expenses, despite their name, are not always “fixed” but they are regular expenses that you can count on each month, things like utilities, mortgage costs, property taxes, garbage, insurance, homeowners fees, special assessments, and property management fees (which as you mentioned, you don’t need to worry about)- should you choose to go that route.Variable expenses include things like capital expenditures- like wiring/plumbing upgrades, new appliances, new driveways and roofs, etc.

I will need to install 4 hot water heaters and 4 HVAC, frame and sheetrock four complete units, kitchens and bathrooms, replace and reconfigure plumbing, etc. 

Try to climb in the attic to see what is up there that will need to be moved.Walls will have electrical, plumbing and possibly structural elements to be considered.   

Oh and none of this even takes into account the blatant discrimination or the fact that his not repairing the plumbing is highly illegal.

At the same time, I upgrade as required hot water heaters, plumbing, doors etc. 

First time was plumbing- they had to replace the main shut off valve in the house.