• Does the after-repair value support an easy exit to a long-term lender?

Demoing a shower will almost always disturb floor tile, and there’s no point installing a brand-new floor just to risk damaging it during the shower tear-out.A few guidelines:Shower first, floor second.Demo the shower, repair or replace any damaged framing, install proper waterproofing, and rebuild the enclosure before touching the rest of the tile in the room.Get multiple quotes.Shower rebuilds vary a lot in price depending on materials and waterproofing systems.

I'm a little nervous too because the asking price is a little high for the amount of repairs that are needed, but I'm trying not to scare the owner with a low ball offer because I'm focused on getting him to finance the deal so I can get a low interest rate or no interest at all.

It doesn’t always kill the deal, but the appraiser will likely call it out and the lender will want it repaired before closing.

I'd need to know for sure what repairs would cost and what the ARV truly is.

In the event of a partition sale would repairs be considered in divvying up the proceeds?     

During closing, we discovered a few issues — the HVAC and some piping needed repair, and several GFCI outlets had to be replaced.

So, based on your question you should have at least enough to cover PITI, and repairs that may come up while vacant, in SWFL. 

The other 2 need normal “make ready” and some handyman level repairs. 

The main thing to know is that the portion you live in is treated as personal use, and the other two units are treated as rental property, so your depreciation, expenses, and repairs just get allocated between the rental portion and the personal portion.