MattIRA buys a property for 100k and puts 30k to 40k into the property.

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.  

If you plan on buying additional property, you should indeed go on more calls to assess and meet the repair person so that you understand the problems as they arise.  

Generic replacement parts that fit American Standard can be found anywhere.Don't buy the cheap $90 toilets.

Quote from @John Aaron: Anyone know any hedge funds that’s buying right now and their buy box? 

The Creative Investor Meetup is designed for beginning to advanced investors who would like additional strategies when constructing deals.All aspects of real estate investing will be covered including (but not limited to) - Wholesaling, Flipping, Buy and Hold and Commercial with an emphasis on Creative Financing.

It is much more difficult to sell an entire portfolio that has become uninsurable (which would require a cash only sale) or that insurance rates are so high that no one wants to buy. 

Investment Info:Large multi-family (5+ units) buy & hold investment in Bryan.

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

Selling and buying something else you want keep and doing a cost seg in would help with the tax burden probably better in this situation.