Capitalize renovation costs to increase the property’s basis and reduce future taxable gains.

Next, plan on inspecting your properties every 90 days; you can communicate this to the tenant as you ensuring the property is in good order and to help you plan for repairs/future improvements. 

This has the obvious weakness of the unknown nature of future cap rates, but that's really the heart of your question here.Estimating future cap rate is part art, part science. 

I've consistently written about the forces of nature and her current and future effects on the real estate market (even while often being ridiculed and politicized on this very site for it) regardless: I personally moved and invested in coastal Oregon in 2018 from Venice Beach Los Angeles partly as a result of the trajectory of climate and have assisted several clients that specifically purchased on the Oregon Coast for their own 'climate havens,' investment and future retirement homes. 

People will rent homes in that area because they cannot yet afford to buy, but hope to buy a newer home in the future and keep the kids in the same school system and around their same friends.

I'd also suggest self-managing your first property to maximize cash flow and learn by doing for any future investments.

You don't know for sure exactly what their occupancy rates are but you can certainly get a feel for it by seeing what future dates are open.

I'm hopeful we can find more productive ways with less red tape in the future outside of LIHTC leveraging technology since standard construction really could use an overhaul.  

I can learn from this group and allows me to have a possibility to have a better future.

The way we used it was when a borrower was in default, and say was expecting to be able to pay in the near future.