If I had a few successful cash-flowing deals, it seems more realistic that I might be able to weather a bad deal easier.

Although you could refinance after a little more than a year (assuming property values stay the same) into an 80% ltv loan, a lot can happen in a year (tenant moves out, roof needs to be replaced, economic downturn, etc) that you need to weather.

Though I can understand why you want to do the work before the weather and holiday season sets in, those types of deals are fraught with problems.

That quote seems reasonable but for a little more you could upgrade to more durable flooring that's water resistant and easy to repair. 

Just make sure you could weather the storm if it happened to hit next month.If you have a good enough deal, maybe teaming up with a partner could help?

Glue down vinyl planks that look like wood are good because they are scratch resistant and if they do get damaged you can just pull them up and replace them.

We anticipate domiciling in central or south america at some point but have dozens of places to venture to so we've resisted buying.

Hi Eric, I started investing during the last downturn, not before it, but from what I gather from my mentors who not only weathered the turn, but came out ahead was a focus on the fundamentals.

Its like someone telling you to grab an umbrella without checking the weather report.

Resist the urge to chase the shiny object.