And I'm not sure why you single out your flooring because the concept applies across the board.In your particular example, you spent $3,500 on flooring, and $500 has been depreciated.

Many investors are familiar with the concept of cost segregation studies and may have even had studies performed on their properties.

My advice for you (and my future self) so far is:- be very detailed about underwriting your deal- add at least 30% to what you think your rehab will cost (even if this figure came from a GC)- have a really detailed design concept before work starts (including fixtures/trim/color scheme/etc)- check with your city/township's building department and see what permits you need up front- have more than one exit strategy- add a few weeks/months to your projected timeline- purchase cash if at all possible- build relationships, take notes, and learn lessons along the way- have funGood luck! 

I personally do not like saying hard money as it has real negativity associated with the word.

But, it also doesn't distinguish between positive and negative statements.

You're just using new debt to pay off old debt (which is the same concept as your alternative: refinancing your primary to pay off the HELOC).

Properties are always cash flowing negative and the landlord-tenant laws aren't amazing. 

I have also seen a lot of negative posts on here lately about the real estate industry so just need some assurance this is still a good route to go.This is also one of the first properties I’ve toured so I don’t want to jump too soon but I also don’t want to miss out on a good deal.

Renters Warehouse FIRED ME as a Land Lord because the tenants wrote negative reviews about them and they didn't want the bad press.

I tell them I will be negative cash flow at the current rent and tell them what market rent is.