Buying properties with housing tenants

[Eric Schrader]

All

So I have read numerous articles about purchasing properties with existing tenants, some positives/some negatives.  

How do you account for the potential capital repairs/replacements when the tenants are present and could potentially have to wait several years to upgrade the properties?  

Do you still include the potential rehab cost in your calculations and just prepare to do them when the lease expires?  

Thanks