Since I was 14 I have sold it all from furniture and auto parts to cars and boats naturally my next step is real estate.

But that's as much fear of the boom and bust nature of FL as anything.But @Alysa Phalen does not need to purchase another apartment building in CO to satisfy 1031.

I'm conservative by nature and like low debt and low risk, but also realize this can limit you from scaling up.

Right now I have on the following on my radar:$3k (immediate): W/D and hookups$15k (~2 years): 2x heating conversion to natural gas and baseboard heating for 3rd floor$15k (~5 years): House sidingI've budgeted $500/month for capex and am putting it into a savings account.Down the line, once i'm under 80% LTV (5 years w/o appreciation), I'm not certain if I should consider using a HELOC for capex or try to rely on a savings account. 

@Alen Babayan....it really depends on what the nature of what your relationship is with your partner and what you agree to. 

The property is 2,240 sq ft, fueled by natural gas, has new plumbing and the roof is about five years old.

Also a firm understanding about finance and the nature of money in general is key. 

I've just never worked out a problem of this particular nature (every one who has rented from me moved out after the expiration of the lease and the family I evicted was evicted due to default of the terms of the lease... more specifically... marijuana growing in the basement).

Additionally without permits you will hit a wall if you try to sell some day.Do not leave it to a lazy contractor, apply for the permits as the home owner.Any contractor that advises not to apply for proper permits is unscrupulous and verging on criminal in nature.

It just isn’t in my nature, nor has it ever been.