Where I see my clients do really well for their clients is the HVAC is brand new electrical panel new  Roof brand new etc etc.. kind of like those that buy new construction for rentals those folks are paying full retail for those..

Glad you are setting aside money, but if the HVAC is 20 years old, or the septic system has never been pumped, or the roof is 25 years old, etc; you will get hit with a cost before your build up enough set aside.How stable is the other tenant? 

we just see new investors in the forums blown away when they hit their fix big capex - a new roof, a new furnace, a driveway repair, a couple appliances going at once. 

, status of major building components (roof, HVAC, structural, electrical, plumbing), accounts receivable aging (are all tenants paying or is the $20,500 schedule rent?)

I’ve handled almost every aspect of renovations myself—plumbing, tiling, painting, drywall, and general construction.

Estimated cost for remaining changes (all new electric, drywall, tile, fixtures, cabinets, roof, doors, windows, heat pump, some siding, and fencing.

I hopped on the roof with the garden hose to defend the property (even though initially it was contained) when suddenly an ember spread to a palm tree (that had been neglected to be trimmed for years) that instantaneously atomized/vaporized into hundreds of embers and spotted fires on several homes.

There was quite a bit of unused land and the zoning gave me some flexibility if I wanted to expand various aspects of the property.Also the self storage units were all below market rent and the seller was willing to finance at a decent rate with a 5 year balloon.

I own a roofing company in Denver and a separate gutter company there too. 

But the other side of the coin is correct - the downside, and it can be huge, is potential assessments from HOAs who aren't solvent enough for new roofs or roads or maintenance.