However, its highly unlikely that an owner will keep a dog property, that loses money, constantly requires repairs for 37 years. 

Those are easy to finance, and the financing is solely based on the properties income using a DSCR ratio for qualification.I would look for a property like this one, https://www.zillow.com/homedetails/5810-21st-Ave-Kenosha-WI-...Lets say you could buy it for $100k, and its $50k in rehab, and ARV will be worth, $200k.When you do the rehab, make sure all the mechanical systems are brand new, then you will have relative few repairs for the next 3-5 years.I can get you a loan for $90k purchase, and $50k, rehab, once its finished you can refinance into a 30 year fixed rate loan between 6.5-6.8%, and cash flow. 

This will teach you a lot about repairs and construction. 

So far there has not been any unpredicted capex expense or maintenance as the inspection was pretty thorough we were able to spot all the issues and were able to get $100K seller credit instead of getting it repaired by the seller.

I'm pretty handy, and over the years, I accumulated a lot of tools and can do a lot of things myself (minor and major plumbing, HVAC repairs, major remodels, I've done it all, but sometimes I prefer to pay someone else to do it).

Single family homes regardless of market  are very inefficient to operate to begin with but the lower price point homes are disproportionately impacted by ordinary upkeep maintenance, repairs and cap ex because they struggle to absorb these costs (some of which are fixed or close to fixed regardless of whether this is  $100,000 house or $300,000 house). 

you'd lose the low rate, and i assume your cash flow would go to 0 but at least you would be able to pay yourself back for the repairs. 

Depending on long term gain, sometimes paying $350/mo is not bad (until you have repairs and or vacancy).

Sharma,Just a few things on the surface the deal looks great in terms of gained equity for the price plus injected costs to renovate/repair.

Yes, you might make more gross income....but when you factor in the added wear and tear, repairs/maintenace, and increased cleaning fees....are you really netting more money?