@Greg StrunakA good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

It could cost only one month's cashflow.

What was the cost to furnish?

So, I also require that :Monthly Rent + Monthly Debt Payments <= Gross MONTHLY Rent * 45%This is similar to how mortgage qualifications work by considering the applicants' debt loan along with their housing cost in relation to their income.

Prepare for additional costs: If you’re adding units, you’ll likely need to address the water meter situation and possibly upgrade utilities.

All they are doing is adding additional costs and getting zero protection.

These properties also offer you the opportunity to perform cost segregations which help with those current taxes. 

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.Assuming you have a respectable FICO you can buy, with a FHA Loan (3-5% down, a 30 year amortization schedule, and a residential loan rate) AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC/ LLC taxed as an S Corp, or an S Corp.

I just wrote an offer for full asking price at 30 day close, with a contingency to extent at BUYERS choice for 30 more days if I don't get an favorable response on the electricity install costs.

Originally posted by @Mark Whittlesey: I would get a UPS Store (or similar) box instead of a PO Box.It costs more but is much more flexible (is an actual physical address, can receive UPS and FedEx etc.)I had a PO Box for a while and got rid of it for exactly those reasons.