For example, Ford Motor Company: they build cars that are much nicer than any single super-duper-expert guru mechanical engineer could ever build.  

 $60k is a big chunk of change, depending on how you have your coverage structured and if the loss is covered etc, and if its roof or mechanically related, you might get some nice capital improvements by filing the claim on the insurance dime -- will just have to weigh the pro's / con's and the financial aspects of your different decisions available to you.  

I know lots about construction, electrical, mechanical, and operating heavy equipment.

@Andrew Davis has some good advice.I think you should definitely have an inspection with a qualified home inspector, but know that they will just give you their opinion on the major mechanicals in the home.

Domestic hot water, and; Electricity adequate for lighting and any mechanical equipment within the home.

I have been doing some complex mechanical  engineering not related much to real estate busines, but I am building a team that can take it all engineering aspects of the buildings. 

It was therefore only eligible for minimal restoration (mechanicals, untaped sheetrock).

Account Closed  Not to be a know it all,, but you don't get cap rates when you take back a owner carry mortgage you get interest income and rate of return... you keep say the exact same thing in almost every post... at least get the mechanics correct other wise your credibility will get bruised here on BPit sounds like you and Joe Pickett work for the same guy.. at least you guys say the exact same thing.. so I got to think this is a sale pitch your doing.just like the west coast TK marketers that come on and say the exact same thing every post  IE I only buy for cash flow and I only buy out of CA becaue CA has no cash flowthese post are really getting old and silly in my mind.

Mechanic, Engineering degree from aTm, Outside Technical sales...and now real estate.

Maintenance is low too depending on age of units and mechanicals.