Between signing papers and closing the house was broken into and the copper stolen.

Some other expenses are assessments that come up leaks from upstairs tenants that you might have to lay the money out and sue to get back ,broken windows It is just like a home but common areas might be exempt 

The machines will be broken into regularly, probably by the tenants, and the money stolen.

It's my understanding that there are infinite ways that these deals can be structured, but I'm just looking for one example, broken down, so I have a jumping off point to become creative.

You likely would not "upgrade" the HVAC beyond normal specs and you'll get no rent uptick having a better quality unit.

The lease she took over say rent as it is.I personally would hate if someone email me such a long list of small things .After, moving in physically wenoticed a few broken issues existing in the apartment andthey are as follows:1) The kitchen has a cracked threshold in the entrance on twoplaces and it is moving.2) Some of the cabinet doors in the kitchen arebroken.3) The first closet door from the entrance is off its hingesand has to be closed forcibly.

Wiring:  If there are fuses, figure in the cost to upgrade to circuit breakers. 

To further clarify...The latest developments: Hard Rock Hotel has broken ground and scheduled to be completed by the Super Bowl here in Feb 2019.

@Kurt Granroth I like the control that comes with investing in real estate vs the equity markets.For the rentals I own, I know exactly what the expenses are (barring unforeseen repairs/capex of course), I know what the rent income is, I know what the potential rent is with certain upgrades, and I know what the property could sell for should I need to liquidate.

I have kept mine modest as I have invested my capital in RE but I am contemplating upgrades and renovations.