If you have to replace a roof, that will take up a years worth of your free cashflow.  

Contractor should be licensed (especially for framing, electrical, plumbing, hvac, roof), you should ALWAYS have a contract and bid in writing which details the scope of work, costs, timeline, payment schedule, insurance requirements, disclosures, etc.Why would you return his tools if you have paid him more than the work he has performed?

Maybe something that needs a furnace, roof or some new flooring and is rented under market right now.

I have a construction company based out of Idaho (River valley developments) we specialize in multi family real estate jobs doing anything from siding, roofing, new car ports, landscaping sprinkler work, ect!

I would think since you're working in AZ to have the LLC established there would make the most sense.

Another way of getting in the game is to do work for someone established. 

Floors, walls, roof were all in good condition.

This is assuming everything is new and the cost to replace upon end of useful life: i.e. roof $25/mo, HVAC $15/mo, New kitchen and baths every 15 yrs, decking, exterior repaint, etc.  

hey guys, I have two properties in Indianapolis. both were purchased 2 years ago for around 65K each, and both were bad choices (without being too self-critical...it was in the very beginning) In one of them, I now need to invest 20K to replace the roof, install a fence, and another major CapEx in order to bring it back to the market and find tenants. for the second one, the bid I received was 8K. it's important to mention that these bids have been prepared by my property manager so I believe they are a bit over-price.

If you're expecting a lot of cap ex (roof, furnace etc) to come up in the next couple of years, maybe sell in the spring when the market will probably go psycho again.