Do you get to write off all renovations on your taxes?

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

The 1031 exchange rule to defer your tax is two part 1) reinvest all your proceeds and 2) purchase a property (or properties / DSTs/TICs) with an equal or greater market value.  

@Nicole GrazianoI recommend that you have a consultation with a real estate tax accountant regarding your taxes.Bigger Pockets is a great place to find a real estate tax accountant. 

If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.

Keep in mind that you get to depreciate these appliances on your taxes.

It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If they owe $180k on a $210k property and its a year+ behind then they probably owe taxes and other bills as well.

A couple developers we work with skip LIHTC and the tax credits and go the route of impact funds to help alongside other debt and sometimes equity. 

No matter the number of units, there is one roof, one property tax bill, one sewer line, one gardener bill, etc. 3.