Buy and Hold Investing - Replace Big Tickets immediately or wait

[David Longhini]

I have a property I'm looking at, and if I win the bid I'll be under a 203K to either completely renovate the roof and furnaces, both of which are okay but probably have a 3-5 year lifespan. 

The property itself would be ~190,000 winning price plus up to $45,000 in repairs and would bring in roughly $2800 in rental income. I'm cash strapped and trying to begin early as an investor at 23 with roughly $20,000 for Buy and Hold. The question, in your personal opinion should I replace the big ticket items immediately or wait until further down the line and stable. The difference is a mortgage for roughly 200,000 vs. 236,000 with that rental income. 

[Mindy Jensen]

If the roof has 3 years left, I'd wait. 3 years is a long time. I like @Andy Robison's idea to get it serviced by a pro. 3-5 years is a long time to save up for capex. I don't have experience with a 203K, but look at a streamlined 203k rather than a standard 203k. I don't know the timeframe necessary for using the funds, though.