You could look at doing a cost seg pre-renovation and post-renovation to be sure you capture the maximum deductions for the initial purchase and for the upgrades both.

On a 1960s building we always replace all galvanized plumbing during the initial rehab, that''s not even a question. 

Hi Paul, how are you initiating contact to get to follow up? 

agents, that I've received, they are always the ones to initiate the contact with me on BP. 

(whatever it is you use).Some people borrow against their personal residence with a HELOCK for this needed cash, but I've seen those go bad in several instances, and the results were not very pleasant for the borrower.In many instances working a second job can allow you to set aside cash, or you might inherit it, or find a cash filled partner.But the bottom line is, initially your success is measured by how much cash you have to invest.And be careful of Hyperbole.Good Luck!

Initial cash flow has a poor correlation with achieved cash flow over a long hold.  

I used to use the 2% (and now 1%) rule just to initially screen properties quickly to determine if they should cash flow (as a rule of thumb).  

It is baked into the overall loss passed from the syndication to investors in the initial years.

I'm thrilled I took the initial step to get started and put the knowledge I have been reading about into actions!!!

The restaurant I initially went to was accepting no walk ups.