I do not have any imminent capex or big ticket maintenance items (fingers crossed!)

Can this be scaled to offset larger items?

I'm looking at some flips in Arizona and the math doesn't work out when you add in some of the big ticket items like a brand new AC.

A few questions:- Are these 2 items deal breakers?

I am retiring from the military and am planning to move to Calhoun County in Alabama next year and have started really looking at the list of delinquent properties and just made requests on 10 different vacant plots, ranging from 2009 to 2015 tax sales (to the state).  

What happens if the construction takes longer, you run into contingent items etc.

I have two kids under 1.5 years old, work 50-60 hours a week, and I’m in the military part time, so it’s ultimately a lot to keep track of and I want to set myself up for success and not screw myself in the long run. 

Rajib, I understand you incurred financial losses here, but these items are typically considered "Wear and Tear". 

Mortgage interest is only deductible if you have more "itemized deductions" than your "standard deduction."

I'm trying to start my own books in QuickBooks to keep track of acquisition costs, depreciable assets, and other items that are not tracked in my PM's Buildium books.