but say in year 2 your tenant moves out and it needs new appliances and new paint. 

But Lo and Behold, you will have state regulators and prosecutors, coming after you, painting you as a Devil incarnate to make some headlines and parade themselves as protectors of poor home owners, who are set up and guaranteed to lose their homes when they have no options to reinstate the loan a day before auction. 

Family owned, smaller company, that won't rip you off. 

I have seen this in Milwaukee too many times, the only way to make it work is VERY hands-on.If you end up renting it in March for IDK net $200 the property will have lost a LOT more in the next 12 months just in condition vs what it looks like now (assuming that it is freshly painted?

Took soffits down (whoever invented soffits should be shot if not dead), new flooring, new paint, new roof (thanks hailstorm), refinished the deck.

and there's cleaning, carpet, painting, patching.

At this time in the project, is it possible to take out a loan against the property in order to buy a great investment which would be a patch-n-paint and could become an awesome rental?

Here are the numbers:Purchase price: 300k @5.5% (might be able to negotiate new exterior paint job credit)Monthly costs: mortgage- 1703 tax-245 (2933/yr) insurance- 167Market rents are 1600$ easy for both sides as is but currently being rented at 1410 and 1325 tenets pay all utilities (separately metered)Planning on putting aside 20% of rents for Maint, vacancy, capex and will be self managing property.

From clogged drains and leaky faucets to ceiling fan installation, fences, painting up to small kitchen and bath remodels there isn't much we can't do.

Also converted what was once a restaurant/kitchen to a coworking lounge with views of the ocean and pool/patio area.Redid kitchens, painted, added swing, hammocks and created social areas.