@Marty Rogachefsky, if you repaired the old refrigerator that would be a maintenance/repair aka an operating expense but by replacing something that had reached its useful life its a capital expense and is depreciated.

Depending on what you are getting into, it could be fantastic, or a maintenance headache if the reason it's off market is because it has some deferred maintenance.

What about maintenance, rehabbing etc.?

It's registered as a hotel (rented daily) but with zero maintenance.

It was a great experience…high quality renter, no maintenance on our part, and she paid it off a year earlier than anticipated.It was too long a term, though, and did not account for appreciation, especially during 2022-2023.We have heard a few podcasts on the rent to own strategy, and are very interested.

I can increase my income when I need to by renting another unit, or increase my free time by hiring out more of the on-site property set-up and maintenance work. 

Don’t hesitate to ask the seller for maintenance records and disclosures about past issues.

If the property is bleeding money every year from repairs, maintenance, or turn over you'll never get ahead.You can tap equity with a HELOC (challenging right now), cash-out refinance into a new loan (much higher rates), 1031 exchange, or sell (tax hit) but the numbers and property condition need to guide this decision.

perform deprecation (most insurance companies require you to do this anyway) Repairing a fence damaged by wind or rotting is generally considered maintenance, not an improvement.

The management issues are the maintenance issues - older buildings just break more.