No improvements needed that could drive up values (and your equity)?

Also, because most baseboard heaters do not have fans they only heat a very small area causing the tenants to set them very high and the heaters cannot keep up. 3rd is to check the insulation in the attic and sidewalls.

Quote from @Daniel Tanasa: Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing.

Instead of losing 55k they will probably only end up losing $25,000 - $30,000Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.

Consider that you could end up owning the property.)Vacant Premises: You don't want an eviction.

Everyone has a story, don't get caught up in their story.

Also, if the property doesn’t cash flow or cash flows poorly as your summary indicates, coming up with a creative financing strategy that allows for greater cash flow doesn’t necessarily make it a good purchase or investment.

No matter what way you choose to get started, if you are consistent and dedicate time regularly, you will be set up for success for years to come.

Open to share analytics for the market up here. 

Again, I believe this would hold true in most urban type markets.Let me know if that helps answer your question or if you have any follow-up questions to this.