Before, my fourplex was basically a crackhouse and only worth $32,500 in its past condition.

In reality, it really doesn’t save you much.In holding rentals personally, use landlord insurance, umbrella insurance policy (which come pretty cheap $1M to $5M liability coverage in $1M increments usually), and keep the unit in good repair/condition.

That way I could easily see profits per unit and admin expenses/total business health all in one place while still keeping all of my documents, tenant leasing and contact history, etc. right now I am just too spread out using Quicken, Tellus, Evernote for document storage (receipts, bills, quotes, etc), and OneNote for process/procedure documentation (my eMyth planning In Progress).

Another option to consider is buying a property in turnkey or near turnkey condition, rather than a property from a turnkey company.

or are people trying to get out of it right now because of the current condition. 

If you determine you have legal standing to refuse, I would recommend being completely honest with these guests that you have a legitimate health concern due to your daughter's allergies, and hopefully they will be understanding and the dog can stay at home.  

They are much older properties and as long as they are in good condition and appealing, they will rent. 

@Lisa Alexander North Jersey is always an expensive area to begin with, and then factoring in current market conditions, prices are a bit inflated.

Primary investors include the agencies Fannie, Freddie, and Ginnie, whom have specific requirements as it relates to property condition.

I need to get in there and renovate because there are some health concerns (mold).