The world does function on integrity.

Cities will start with simple rules like registration requirements, inspections for functional smoke detectors, and a simple list of rules.

Makes you think that maybe resources aren't a problem.LOL, owned via generational wealth and by professional handymen and contracting outfits who can bring aging properties back to functionality at a fraction of the cost of the hands-off out-of-area investor.In the land of the blind, the one-eyed man is king.

Biggerpockets search function - Use the search function to see if a BP colleague requested a CPA in your area.

You should know something about how the house is laid out and functions so when you get a call about something not working, whether directly from the tenant or a PM...whether purchase 3 outright or do brrr three times is really dependent on your strategy, goals, deal opportunity (for sure), experience, desire for experience.., cash reserves, etc.I don't have a straight answer..

Even if it is not technically the case, and the language you are referring to is baked into the partnership agreement that is actually controlling the real estate, the function is the same, at least for the waterfall split.  

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The exception is an FHA 203K construction loan - but that's additional complication for the buyer and a slower transaction for you.Conventional loans require only that all major systems are functioning normally. 

But, if it's 70 years old and still functions well, I wouldn't worry about it.

If you run into any troubles, at least you have your hloc ready.Since flips have that high risk of having extra expenses, something like the hloc can function as the reserve.