Could you potentially find someone to partner with and help you get through all the upcoming capital expenditures and then be left with a great cash-flowing asset after? 

Even folks that do everything right can get audited..That being said, it’s my experience that most expenses (except sweat labor) can be written off against the income however for larger expenditures my tax advisors have advised me to keep records of the “before” condition to help justify why the work was required (I.e. when I installed new flooring, kitchens etc) Incase it is ever questioned.

There were a couple of months where I was changing jobs and during those months I would directly apply my tenant's rent to the mortgage versus saving it.The $20,000 was the combined down payment, closing costs, and capex/repairs expenditures over the three years that I lived there.

The overall cost is high, so weigh whether you are comfortable taking on more debt, but if it's cash flowing at $600 a month and you're saving for large capital expenditures/surprises Ben it sounds like you're set up well.Refinancing sounds like a good option to me given everything I've heard.

Capital expenditure is the one you should really hone in on unless you plan on holding for 20 years to see them all through their life.

If you are looking into a condo...make sure the association is keeping adequate funds for capital expenditures.

Increases in net worth lead to the wealth effect, normally causing an uptick in large personal expenditures.

On the other hand, if you built it, you would have a brand new building and wouldn't have to put as much away to pay for capital expenditures and other repairs. 

You may have to plan on capital expenditures. 

I didn't mention that I am renting the Airstream for $500/mo. so my expenditures are low to gross an estimated $2k/mo. for the airstream.