Please let me know what steps need to be taken.

Do you get deals out there or are you looking for deals out there I have a deal right now that is mid construction.Ahh okay, I am not there until end of May so I wouldn't be able to do much right now, still working on building up a team out there, how did you get your deal, and do you have a team of contracors you like out there? 

We see threads all the time about people losing money and how after they add expenses and vacancies, etc. how they go in the negative.

Here is my Cliff Notes on this elaborate example:If you have unused losses from the past, they might significantly soften the tax blow from a profitable sale.I don't see how this is called "strategic play" or "premium lemonade."

I know it may sound common sense, but people do struggle with understanding that water follows gravity.

I certainly know that future years the expenses won't remain that low, but wouldn't that be a reality on a property that has a lot of recent improvements?  

When was it built, and how old are the major systems?

@Jacqueline Lynch - Let Rebecca Makas know I said hi!

If you’re looking for resources, BiggerPockets podcasts and books on flipping are great, and getting to know local contractors can help you estimate rehab costs more accurately.

I’m new to dealing with this kind of issue and would appreciate guidance from someone more knowledgeable about how pressing this situation is and whether the quoted estimate is reasonable.