The property mainly needs roof and HVAC work.Thanks for your input,Ian(Note: I posted this in the Creative Financing forum but soon realized that this would be a more appropriate forum)

@Stephen Waldroup I know you haven't seen the property as of yet but do you have any idea of the condition of the big ticket cap ex items like furnaces, roof, windows, etc?

So repairing a roof is expensed but replacing is depreciated.

What is the roof like?

@Patrick Britton it varies depending on the contractor you choose, of course, but, for a 4bd 2ba sfr, you are looking at about 50k for a gut (add 10k if any roofing or tuckpointing is needed), 20-30K (maybe less if you get a discount on labor) if its just a few cosmetics but needs new plumbing or electricity, and about 10k for cosmetics only.

Just my 2 cents but I always go conservative in my estimates and run an analysis of what needs fixing and how long it will last - heating systems, hw heater, roof, appliances, carpet/flooring, plumbing fixtures etc

You can look up  roof  for all  on Instagram . 

My next property required $8,000 for a new roof right after purchase.

What is the roof like?

Oh yeah, we also renovated every square inch, including a new roof, HVAC, hot water heater, windows, waterproofed the basement, What was the outcome?