The allure of fat cash flow (at least on paper) and the low barrier of entry (down payment) never stop attracting new investors. 

There are a couple of unique tax laws to real estate investors - 1031 exchange, bonus depreciation on certain improvements, Qualified Opportunity Zones, real estate professional status, etc.Make sure that the accountant you interview to understand the above concepts.best of luck!

A HELOC is a great way for you to self-fund the improvements.

For example, if you buy a home for 100k, and then improve the property and now it is worth 200k. 

The plan was to pay cash, refi out and use that to improve the property. 

This gives you a foundation for making a fair offer.Secure Financing: Be prepared to show you’re a serious buyer with funding lined up, whether through cash, traditional financing, or a creative option like seller financing.Have a Strategy for Repairs or Development: If the property is distressed, outline how you’ll handle improvements to bring it back to productive use.

I have not been impressed to date with Suncoast PM and if nothing improves I'll be looking for a new PM when agreement term expires. 

It wasn’t how I wanted to kick things off, but I worked with a contractor to get the bathroom fixed and functional.Once that was behind me, I focused on improving the building and maximizing income:I installed a shared washer and dryer for the tenants, a major upgrade that added convenience and increased the property’s value.I rented out the two garage parking spaces, bringing in consistent revenue.I also raised rents for the second- and third-floor tenants I inherited to be just below market-rate.

Net Sale - Is the contract price, minus the closing costs and commissions.Adjust cost basis - Is the purchase price, plus capital improvements, minus depreciation.

And you need to keep detailed records of all repairs and improvements.