Capital Expenditures (10-15% of Income)Rule of Thumb: Reserve 10-15% of your income for capital expenditures (CapEx) like roof replacement, HVAC systems, or major renovations.Why: Regularly contributing to a CapEx fund ensures you have the cash on hand for significant improvements or replacements, preserving the value of your properties.5.

This includes rental income, which is typically taxed at a flat rate of 30% unless you elect to treat the income as "effectively connected" to a U.S. trade or business, which allows for graduated tax rates and deductions. 

The roof rafters are falling due to water damage.

AND. ..if property also needs some rehab- new roof, some unit cosmetic repairs?  

There are critical items such as -Plumbing, HVAC, electrical items, roof repairs, appliance repairs- that you want extremely competent professionals to handle to ensure that you the PM and owner avoid liability and to ensure you aren't shelling money out again for the same issue because you were being cheap the first time.  

I only have student loan debtI have a full-time remote jobI have no prior experience in real estate investingMy credit score is high 700'sHere are the details about the property in Zenda,WI:Asking price: $235KIt’s being sold by out-of-state heirsIt needs at least $50K in repairs and updatesThe neighboring house recently sold for $235K (though I don’t have details on its condition before the sale)A family friend who owns a construction company assessed the property and noted the following:Replacement Needed: Furnace, Water Heater, Water Softener, Floor (concrete replacement needed due to unevenness), Roof, GuttersUpdates Needed: 1.5 BathroomsConcerns: Black mold and water leak marks upstairsRemodel Suggestion: The staircase is very steep and narrow; recommended to relocate and extend it into the living spaceAdditional Work: The property slopes downward, allowing rain to flow into the house.

Note:  LLC has bought/sold $12 million over the last year with and made a profit of 650,000 (without any of the partners RE commission contributed to the profits)Going forward Partner #1 wants the RE commission to be included in the profits - less a flat fee to her.   

With the 2 and 3-flats, you're at the mercy of comps, which is pretty much pure speculation.

Every item from a roof to a dryer has a depreciation schedule that is fairly standard.One income property is really easy to track if you associate it with one bank account. 

I have a 3-flat and a condo.