Blake Cannon your also going to need more than 8-10 properties for that kind of cash flow.

This scenario is usually only the case with mobile homes attached to land.Long story short is that you should fix the holes in the floors, holes in the walls, holes in the roof, fix the electric and plumbing if broken.

Cost per foot/etc.)New roof?

Remember that you're there to help them out.Perhaps you could ease in the notion that the lenders kids are probably going to need a lot for college as prices are skyrocketing and student loans can be lethal!

It needed everything; plumbing, electrical, HVAC, roof, windows, insulation, drywall, flooring, all new fixtures.I had to remove the entire second floor and rebuild it; 2 bedrooms and 1 bathroom.

You don't want a special assessment for new siding or roof soon after you purchase.Matt's calculations are incorrect because he's using the $450/mo as the debt service, when it actually includes HOA & insurance.

I would spend the money to have an engineer do a complete inspection and have them include the expected remaining life of all the major systems, roof, HVAC, etc. in their report.Another area to look closely at is the commercial leases.

I cant figure out what to do with the exterior, I've thought windows siding, roof, landscaping.

Solid roof - sans over a bay window that needs replacing.

look into the spyder tubular skylight, you may be able to get both lights from a singular roof opening, and use at least a 6" high curb,,, see local recommendations and codes