So my question is , lets say a property had a capital expenditure which they were allowed to depreciate over 15 years. 5 years later the property is sold to me.Do I inherit the next 10 years of depreciation tax benefits from the cqpital expense of the previous owner?

Had to Google CapEx - Capital expenditures?

There are no allowances for vacancy, repairs, management, or capital expenditures.  

Some ppl will do something as simple as renting rooms so the house pays for itself; other ppl, would invest more time, patient and money and turn a SFR (Single Family Residence) into a duplex, triplex or more.2- Management companies are good when u got have their fees built into ur CapEx (Capital Expenditure); so make sure u got all ur ducks in line before u get tied into contractual agreement.3- If ur looking to get a loan; regardless of the APR; MAKE SURE u take into consideration every possible possibility.

Regarding cash reserves, that is a loaded question because it brings in all your properties, value add plans, personal expenditures and job security.  

Unless the property has been fully updated (or is new) so that the chances of you coming across a major capital expenditure is reduced greatly, I would probably hold off until I could find such property or wait a bit more until I had more in reserves.It's a tough call, could go either way.  

With an ARV of $60-70, there is little to no profit in a flip.Regarding rental expenditures, you will want to include a vacancy factor, insurance (get agent to quote), PM, maintenance, property taxes, annual cap ex estimate and any utilities or trash paid by the owner, if applicable.  

The turnkey investments I've seen are usually in places that don't appreciate, plus the seller underestimates or ignores capital expenditures, which really kills the ROI on the property.  

The other issue would be large capital expenditures that there is not enough of a reserve for such as re-piping, a new roof, boiler, painting, leaky windows etc.

Replacement reserve typically breakdown into three groups, mechanical (electrical, plumbing, hvac), structural (stairs, elevators, roofs, windows), foundation ( parking, grounds, sewers).Unit replacements such as carpets, counters, appliances, paint etc..while capital expenditures, are separate from the calculations above.