I will offer a monthly lease payment of $1,700 which will include the HOA fees and any other fees associated with the complex (only being responsible for the electricity), which still pays down the mortgage leading up to my option to purchase, for up to 3 years.The owner will be allowed to claim the home on their taxes every year until I am able and have the option to purchase.

Who owns the electric poles and wires?  

Bathrooms, paint, kitchen, electrical) , of can I submit a complete job bid with all work being completed by one contractor.

I am currently employed as an engineer, partner to California electrical contracting company, and most importantly a part-time real estate investor.I am no stranger to investing, although I would not consider myself an expert.

For example newer steel roof, plumbing, water-heaters, three baths updated,appliances, flooring, some electrical updates ect..

Usually the electrical and plumbing is a cost problemOn the surface $90,000 for the property and $1,500 rent is very good.  

It doesn't need any work to be habitable however I plan on spending about $5000 to update the electric, paint, floors, kitchen and appliances.  

You need to find out how each unit is addressed by the tax assessor's office, post office, electric, water, cable, phone etc...For example I have one property where the mail goes to 201, 203, but the water and sewer bill goes to 201 #A and 201 #B, yet the power company has two meters where one meter is attached to "201-203 North" and "201-203 South". 

How much is their deposit and how much are your charges for painting and redoing some of the electrical problemsHow much of the deposit are you refunding them? 

My brother and I sub'd the roof, stucco, concrete, flooring, electrical and plumbing.