I can hit my numbers with a 47k purchase price assuming around 8-10k in repairs if any of the above mentioned are issues.

And because we got in early, we had done extensive evaluation of repair costs and were able to make a strong offer with no contingencies. 

I was thinking that some of the monthly gross would be held in the LLC's name to cover repairs and other expenses (please tell me if this isn't normal).

Scenario 1: Board & Existing Shareholders give the 'Green" light to go ahead with the offering, and the new investor only achieve 60% of shares being acquired then 40% of existing shareholder (apt owner) will not sell.

the last buyer bought it for 232K 7 month ago. he did minimum repair or update to half the units

You might want to check those numbers to make sure that's what you're looking forJust a back of the napkin calc shows that your month net operating income might be almost zero  Asking price $135000 Monthly payment  ~$1600 Monthly income  $1800 Water  $80 Repairs  $100   Total expenses  $1780 Total monthly NOI  $20   Keep in mind that $100 for repairs a month is probably a low estimate and the monthly payment of $1600 includes taxes, insurance, principal and interest.

Specific repair projects and supplies, maintenance that are property specific are listed on the Schedule E for each respective property.

Quick clarification...u show an arv of $275k but don’t show any money in repairs.

NOTE: turnover is separate from vacancy and maintenance/repairs.

I understand I have a long road ahead of me simply because I'm basically starting from the bottom with little money.