This will vary depending on if a handyman can do the job or a licensed contractor is needed.

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

Depending on your current rate or if the current loan is short term or long term.

@Makani Donaldson it all depends on your investment goals.If you buy a Class A rental, it'll usually have negative cashflow, which will be hopefully offset with appreciation and better tenants.If you buy a CLass C or D rental, it should have pretty good cashflow because you may not realize much in appreciation and you'll have a lot more problems finding good tenants.

Depends on the area.

This will all depend on how good of negotiator you are. 

Everyone's favorite answer in real estate---"it depends".That being said, you have to start somewhere to figure that out.

There are MANY landlords with properties on the west coast and in the New England states, that deal with negative cashflow - but, depend on appreciation to make their rentals "profitable".

@Hector Lewis - The decision ultimately depends on your current cash reserves relative to your financial needs, as well as your willingness to reinvest for potential appreciation.

Quote from @Paul Lucenti: It depends what you're looking for.