On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

You can buy investment properties with conventional loans under your own name.

They are really changing the shape of the city and it may become incredibly expensive to buy out there soon due to lack of housing.

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

If a landlord was responsible for each replacement it would add up quickly.

We have made money buying properety based on cash flow (lower priced) rented out for a period, then selling to an owner occupant. 

Quote from @Zachary Young: Hi all, I am looking into buying my first rental property.

Why do you want to buy 2 rentals a year?

Is buying a rental into a living trust a good idea?

If a storm happens immediately after you replace the roof, the actual cash value is the same as replacement cost, so you've lost nothing.The only thing you would have to worry about are items you did not intend to repair