Examples include things such as a new roof, flooring, appliances, HVAC, etc.

Quote from @Jack Schwartz: Mavely, I typically steer clear of Hard Money Loans (HML) when it comes to BRRRR rehabs due to their steep interest rates, which range from 9% to 14%. 

After having an engineered cost segregation study performed, the roof of the building was valued at $450,000.

On large repairs like a roof replacement I would still want to get a bid of my own.It comes down to trust, if you don't have that trust with your PM then you might shop for another PM.

They're only required to repay you for health, safety, preservation of the property....fixing broken windows, roof leaks, locks, etc.#3. 

The landlord hired a contractor to fix the roof of my apartment house.

But. they come at a very steep price of thousands of dollars more than a regular exchange. 

We have begun renovations on one unit, and will be replacing the roof and windows this summer.

The results were OK but not fantastic.A few weeks later we decided to post videos of our rehabbed units to FB and the traffic we started receiving from FB went through the roof.   

So keep an eye out for any major improvements needed in the first few years of your ownership (roofs, exteriors, HVAC, electrical rewiring, etc) Things to know before starting: Make sure you buy at a basis in-line or below market comps (on a per unit or rent multiple basis).