As you mentioned the exterior looks tired and it could be the same case or worse on the inside of the property. 

All of the properties are existing brick or paint that needs freshening up, at least from the exterior eye.

nd duck work the only thing not done is the exterior he claims arv is 310 but I dont see that being true but anyway I want to know a good # I came up with $132k?

My memory is that I did not accept it at first but I did add it to the policy after maybe 10 years of ownership.The exterior construction is brick. 

Drive by the higher end sold houses exterior renovation usually equals what the interior renovation looks like, check the MLS or even zillow sometimes will have what the condition looks like.

Often amateur landlords just want reliability and rent paid on time, as opposed to top dollar.

As for Capex, the association covers the exterior repairs and roof. 

If you purchase via an IRA (as opposed to a 401k), you will need to open an IRA account at a specialty trust company which allows for investments in real estate.

We have a condo in Atlantic City in an older building and they raised my fee 25% for the next 12 months due to water proofing the exterior brick. 10 years ago they built a brand new indoor pool and rasied HOA for 5 years and it DOUBLED my monthly fee.You are always at the mercy of HOA and their fees. 

Furthermore, you must be careful about payments and benefits later to assure no more taxable gifts between the two of you if you are trying to avoid that.2) basis in the property - gifts take a carry-over basis as opposed to purchasing the property where the purchaser receives a FMV basis or receiving by inheritance in which case the heir receives the property with a stepped-up basis.