The biggest ones being a new roof/windows/HVAC, etc. 

There is not set rule on how long you should wait, but the tenants need to understand that the lease is a you scratch my back (pay rent) and I scratch you back (provide you with a roof).

The Roof, water tank, and HVAC are fairly new.  

Are the major items replaced/new (roof, furnace, ac, appliances, windows?

If you sold your IRR would be through the roof for the time you've held it.

Is taking out a HOME OWNERS EQUITY LOAN a smart way to take care of the roof replacement.

Immediately after I took over, tenants complained that there has been roof leaks that the owner attempted to fix himself, without good results.

Immediately after I took over, tenants complained that there has been roof leaks that the owner attempted to fix himself, without good results.

Some properties are turnkey where factors can determine whether your knowledge base will suffice or you need a more in-depth view others are heavy deep renovations where it would be a best investment protection to know what you don’t know; possible septic issues, roof, mechanical electric... then it’s best to get a pro if your a pro or have one. 

Thats not a huge number but its something I could definitely work with assuming something doesn't go wrong like bad roof or plumbing (which owners says is in good condition).