Just go replace the air filter once a quarter to check in on it and if any maintenance comes up, you can call the plumber, electrician, handyman, etc.

In most of Houston, there is no zoning, so if I get a nice land and can easily put two or three offices for half a price of a single structure and rent them at half the cost of a regular small office, or buy a knock down house, level it and put up converted containers on it, possibly even add self storage components. 

If the roof is not due to replace, you could just save that money and redo the framing when you redo the roof.

No way I'm putting down a non-refundable deposit only to find out later the Seller was padding his income and "forgetting" expenses, which happens all too often.Also, why not have your Seller hire an apartment inspector to give the place a thorough going over on major components and issue it an accurate report on the condition, good for 180 days or whatever?  

On top of that, they spent over $800 in the span of ~50 vacant days.Long story short, I am willing to pay Meridian Property Managment (in Memphis) the average cost of utilities, but that only comes out to $438.75 for the days they were there.This would make me $372.73 (utilities owed) + $200 (they did not replace a fixture, as confirmed by my realtor) short of what they are asking for, and they are threatening to file a lien (presumably mechanic's) if it isn't "paid in full."

The rehab component is the riskiest part, and if you aren't careful it is possible to over renovate when you are new at this.

Owners when you have a property management company, when do you receive a receipt or invoice for the items that were fix or replace in your rentals for the month so you can keep for your records?

This property was a -good- deal if the Roof and the AC needed replacement, and an -excellent- deal if they could be repaired instead.Don’t be afraid to pass on a property that doesn’t work for your goals or the risk is too big.

@Brian BurkeCorrection: Freddie is requiring 6 to 9 months of debt service and Fannie is requiring 12 months + taxes + insurance + replacement reserves funded up front.

An occasional upgrade here and there can help with tenant retention. ie, new kitchen or bath faucets, replace ill appliance, etc.