On occasion, the current use of the property isn’t the most worthwhile or being used to its full potential.Take this project for example, originally a mismanaged duplex; we decided the best plan of action would be to turn it into a five-bedroom three bath SFH to allow for maximum rental income.

@Adam BlachnioIn answer to your original question.... different strokes for different folks.I am born and raised in NY and I can tell you I do not invest here (outside of an occasion couple of small deals that fell on my lap). 

RaulI have ranted on this issue on numerous occasions, so I'm not going into detail too deep except to say that this is an industry that really needs to go back to an apprentice/ tradesman scenario. 

Coffee fund, another 20 bucks monthly Office meetings, parties, birthdays, special occasions you're rather obligated to contribute to for office politics....$200-$300 a year, your choice.

Currently have the money in the bank and occasionly day trade with it.

For instance, he'll bring in the foremost state attorney to discuss current law topics, or a Justice of the Peace to offer practical landlording information and a random guru on occasion.

As a new investor, I made this mistake on too many occasions. 

I have only had several occasions over the years where a tenant damaged  the property, thankfully, but I actually sent a complete itemized list, copy of contractor receipts, along with a bill for any balance over the amount of the deposit.  

I use my Realtor to help screen potential deals, run Comparable Market Analysis (CMA) reports, and on occasion provide me with unlisted properties. 

Fannie Mae asks this on many occasions as well.