In either scenario, after you rehab the property and place a tenant you get a longterm loan on the property (ie conventional or portfolio loan) and pay yourself back (ie recycle your capital) or pay the HML off and continue to hold the property, ideally still cash-flowing once the property has longterm debt on it.

But going down and buying $3.00 icebags or a cheap mini fridge to protect something that is not "Butter, Milk, lunchmeat and eggs" is important.

@Cody DeLong I would use hard money if I had to, calling either Milk St. or Lincoln.

Maybe the seller hasn't bothered fixing it because he thinks he can't raise the rent so instead of keeping up his triplex he is just milking it dry and trying to sell what's left.  

You gave a bowl of cereal with no milk.

However, you can keep recycling your money, whereas generally people who are getting those higher cash flow-year-olds have to leave more of their money in the deal, and usually they run out of steam once the money dries up

The old appliances & scrap metal should be going to recycling on Wed.

I have looked at Craigslist and see most tenant are required to pay for utilities, water, recycling, yard work, etc but not all are setup this way. 

In addition, read some more books (all the BP titles are great), continue to engage on the the BP forum and binge listen to the BP podcast when you have time 😉 Real estate investors make money at every point in the RE cycle. 

I will milk it as long as I can but I think it will be sooner then later that it goes away.