It may need a roof, lots of paint, some new kitchens and flooring.

Obviously, some of the capital expenses like roofs, furnaces, foundation, etc. can sway things one way or the other in a large way, but how about an entire remodel for a kitchen that has bad cabinets?

Frank Sanchez I need to just find a contractor to give me a real idea.I have to put in a kitchen as well.

Stucco patching, painting exterior, new garage door, kitchen cabinets are a mess, couple rooms need to be painted. 

I cannot actually understand why they need to remodel.

Some tenants may even be cooperative and willing to pay a higher rent and tolerate some remodeling while in place.  

There is a 5th unit that can be remodeled (and the building is grandfathered in to allow 5 units), but it's basically an unfinished moldy basement right now. 

I am getting some interest from local lenders but one would only lend to an Entity, and the other wouldn't lend to first timers, which is ironic since I have a lifetime of remodeling, but none as an investment property.  

Bathroom and kitchens are expensive spaces.

Will he do like a 5 year seller financing until you can build equity through labor / remodeling or mortgage pay down?