When I started, I made the mistake of accumulating rentals, but I was always strapped for cash, even with 40 rentals. 

On a cash strapped budget though, I find driving for dollars, calling FSBO's, and word of mouth (telling everyone you know what you're looking for) to be very lucrative.

I am thinking open up in a partial completed state, with a banner sign, and over 2 or 3 years bootstrap the needed improvements (from cash receipts through the till) to become more professional.Maybe sleep in the back on a cot at night, and save on housing.that will put 24 months of operating statements for the business to use for additional borrowing if the boot strapping seems to be taking too long.But what's borrowed must be payed back.Just my 2 cents.

The appraiser called out some chipped paint and fixing the water heater straps.

Today they require the boards that surround the windows to have metal straps at the bottom of the window supports (where we live), and different jamb requirements.  

Especially for investors who are really trying to boot strap and grow their portfolios.

I can kind of see that for high level design and timer/manifold repairs, but my PM got quoted $500 for a leaky valve replace and T&M at $110 to dig and troubleshoot a wire.  

A qualified plumbing contractor should evaluateand make repairs as necessary per current building standards.47) The water heater's seismic straps are substandard.

The negative construction cost component was argued that they no longer had the option to do a mat slab foundation, and will need to instead be required to go with sunk piers that extend a minimum of (making this up because I don't recall the real number) 10' below the bottom of the tunnel.

Sure, some appraisers may check this vs what they see but the reality is that 90% probably will not - as they are time strapped and there's some tribal knowledge in just knowing where these databases are and how to access them online...….Hope this is helpful!