A lot of the valves were replaced, toilets all replaced etc.. everything was bad that we found.

I don't think that the extra room could be converted to a bedroom.My goals are long term cash flow to replace W2.  

I had my water supply pipes replaced with copper and added a lot of electric lines to the kitchens and bathrooms where most big appliances are being used. 

The decisions they make regarding their finances is not necessarily optimized for a real estate investor, meaning you can get recklessly negligent HOAs who don't make necessary repairs (like in the Surfside Condo Greg mentioned) or who are over-zealous in repairing/replacing things that work just fine.

The inherited tenants have lived there for over 17 years so at minimum I expect I will be replacing floors and painting everything.

@Kaelyn Motzel you are exactly right Kaelyn, from a the bigger pockets podcasts and feedback from other managing your first few properties that are small multi family gives you that perspective of how to manage and run a business and you will know what to look for in others when it’s their turn to replace you so you can scale

With $6m you may need to purchase several properties especially if you need to replace debt as well.

For me I would need about 20 rental units each cashflowing $100 to replace my 9-5 job.

I'm redoing a rental.We've replaced the subfloor and are going to put vinyl plank flooring. 

We saved money by repairing the old wood windows instead of replacing them.