I have a tenant whose condo suffered a major roof leak, which caused internal dry wall and related damage.

We invest in the Indianapolis Indiana market and focus on properties around the $150,000 to $190,000 range that are older homes in good areas that have updated roof, HVAC, plumbing, windows and those type of higher cost items to make sure it has good bones.   

You also need to factor in other expenses like repairs & maintenance and capital expenses like replacing roofs and ACs, etc.  

Please just put a metal roof over it.

If there are roof issues, trees over hanging the roof, debris in the yard or whatever client's are getting non-renewal notices.The vast majority of insurance carriers are unprofitable or have just now started to return to profitability from several bad years.

Dont know your total situation , this idea may suck big time , BUT , if this prevents a major hit on your credit or a bankrupcy , you still have a roof over your head and it gives you time to regroup . 

I do that with my IRA, definitely a good option.Technically you can probably do a handful of flips with an IRA, but there’s some fairly steep UBIT and the potential that if you do too much it’s classified as “active income” which is a no-no for an IRA.

think about your first 1 to 2 to 5 to 10 years of ownership of a property, and the difference between:-a 1-year old furnace under warranty, and a 35 year old furnace-a house with central air, and a house without-a house with a brand new roof, and a house with a 25 year old roof-a house with a knob and tube wiring, and a fully rewired housewhich is going to have more capex? 

This may include examples such as maintaining the landscape, a minor plumbing repair, doing shingle repair on a leaky roof or painting a few rooms between tenants.

My biggest CAPEX cost is either a roof or AC replacement.