HVAC is 20 yrs, Water heater 15, kitchen's typically need a complete remodel every 10-15 yrs and cost about $10k, flooring, exterior paint, interior paint, tub surrounds, toilets, vanities, light fixtures, etc etc etc. 

She pulled up to meet me in a brand new hummer!  

Like @Marcus Auerbach said, do a review on HVAC and roof, gutters, double check plumbing/drainage, and make sure filters, light bulbs, and smoke detector batteries are all in good working order.Do a walk-through of the property as if you were someone looking for a place to rent with a hypercritical eye.

I'm a brand new investor with only as much experience as someone who has never purchased investment property can have.

The upgrades (granite countertops, new sink, new paint, light fixtures, faucets) and the remaining down payment funded through my savings.

These people who get in trouble didn't get in trouble for changing a light bulb at their IRA owned house, they were doing blatant violations like paying themselves to manage the IRA owned property or other stupid moves.Just my opinion.

Hopefully the title company will shed some light on it today and I will know what's owed on the mortgage(s).

While the plumber was there, he asked the plumber to fix some other small problem that was not discussed with me. 3rd month, he suddenly discovered that the brand new oven does not heat to the exact temperature.

It is not something to be entered into lightly since it is complex, but if your hire the right professionals, it is definitely doable and the upside is much higher than what you see with purchasing a house that is already constructed, not to mention the ability to tailor the home to your desired buyer or renter profile.

My advice is to tread very lightly.