The only negative I can think of is that the current Owner possibly may be deferring maintenance expenses or any repairs or replacements to make his/hers expenses look better along with the bottom line. 

The repairs were estimated at $250k, which included completely redoing everything and building the addition.

As long as the cost of "putting it to work" is less than the return on that work, you are ahead...and your equity/cash/money is no longer dead.Money is not a noun...it's a verb...or it should be in order to win.

Make your current properties better such that you will have less repairs later or you can defer repairs when times are not good.4) Self manage your properties if you can.

However, even if it addresses it and says something along the lines of, “tenant is responsible for repair to HVAC under any circumstance,” does not mean that the language in the agreement is legal under PA law (just because something is in a contract - and agreed to in writing - does not always mean that it is legal if local laws may exist that specifically say that it is not legal.)

I wouldn't do the cash out refi or sell it, just try to get ahead of the interest charges and debt and you will be doing better soon.

The wholesalers we are working with tend to be new which is great because they are working their butts off to find us what we are looking for but at the same time we have to do extra due diligence since the ARVs and repair estimates can be off as well as ensuring the location is what they say it is.It seemed impossible in the beginning but it's getting more real every day.

So you gave an apartment to someone without receiving rent or a deposit ahead of time?

The comments you made about some repairs would be a concern windows deck etc...3.)

Went by the house and estimated repairs to be about 26k.