As previously mentioned, I have never gone through this process yet and am a first time homebuyer, but have spent about 10 hours of researching per week for the past 6 months including listening to the podcasts.

Keep in mind, if you sell FSBO, you are responsible for every aspect and dollar spent trying to find a buyer.

By  your logic if I spent the 3 days in my hotel room staring at the walls it is personal. 

Spent ONE YEAR having to quiet title with attorneys because TWO people wouldn't sign their lien waivers against the property. 

And will the value of the home go up at least by the amount you have spent.

I've spent the last week or so trying to get the answer, but I can't get to the bottom of it. 

The main difference is the time spent underwriting.

Quote from @Lin Qian: I know this is an old thread but this may help some.  

I spent 10k and 15 k on those 2 properties to make them rentable again... 

I have spent the last six months reading and educating myself with books and blogs.