If you think of this from an angle of cash-on-cash return, perhaps it is easier to see the benefit and necessity of doing this.- In your example, if a remodel cost of $25K nets an incremental $100/month increase in rent, you're looking at an annualized return of 4.8% (100*12/25000).

Must admit that is a efficient way to have access to all the SA necessities, might have to look into it! 

Unless you have a lot of experience purchasing properties and know what to look for the money you spend on the inspection is a necessity.

Not a necessity, but we are only a mile from my wife's work and we go to the beach literally every day and riding bikes on the boardwalk is a huge part of our life. 

They were having us basically act as GC on MAJOR projects (like replumbing a 4 story building that has lead and asbestos which was a $1.2M project cost) and when I started putting my foot down and tell them I am stuck because they didnt want to pay for certain necessities like plans and permits and when I put my fee on their capital budget now all of a sudden i was too expensive.

Some states allow for landlords to require the tenant to provide medical documentation to provide the necessity, I would investigate that.  

The internal revenue code is often general is nature due to necessity. 

On a couple deals I brought partners in out of necessity (financially) and on a couple I brought in friends (no financial necessity) with the hope I could have someone with "skin in the game" who could be relied on to manage while I'm traveling.

If housing is no longer a necessity, we have bigger issues to deal with than our ROIs.If you need to sell within 3 years, maybe don't buy now.

Additionally, hard work is a necessity if you want to get "lucky" in seizing opportunity because you are prepared.