Thus prob now a good deal for me, also I am a newbie and don't really know what I am doing.Owner will replace all windows with vinyl and paint exterior and hallways.

I am doing the easy things myself while subbing out the more technical items:electrical main panel and raising the mast to coderoofHVACAnd last but not least we may be ahving to raise the roof of the master bath and replacing the sill plate due to moisture penetration (I will assist in this since I am good following directions...well most of the time really)Drywall cause who really likes that anyways? 

If the roof were to need a replacement and the building didn't have enough reserves to cover immediate repairs, you would need to come up with the assessment fee x 11 units to pay for those unfunded repairs.

I get the ethics involved with the realtor industry.  So, do most investors have more than one realtor or just one?  If one, at what point do you move on from that one?I have one now.  He is not an investment realtor,...

In this case, the first loan was replaced already so again, less than a year difference is not a significant matter.  

Since it's older I want distressed enough to justify replacing all the big stuff so I know it will be fairly maintenance free and it means that my home looks fresh.

The battery back up system has been damaged by water and not replaced.

I also told her I would gladly pay for carpet out of my pocket to replace the ruined flooring.  

Stuff like replacing the roof (although, I'll probably be dead before this will need replacing).

Nevertheless, I'm being conservative with my planned expenses.Budgeting 8% vacancy, 8% maint, 10% capital replacement costs (roof's in good shape but about 15 years old, hvac systems are pretty old as well), and while the 4-plexes will pay for themselves and accumulate equity, the low cash flow has me concerned.