I would call it over the top exhausting work. 

A key to this definitely screening tenants up front, exhaustively so.

I only cheated on the lower 1/2 bath with a code compliant AAV.We did all the work ourselves so labor was just the fun of doing it.Cost of materials: Main Bath about $2k, 1/2 baths about $225 each from my spreadsheet.We got most of the materials on sale at Lowes: Good quality fiberglass Bath tub $125 (small chip hidden by tile) the toilets $35/each (both non-stock returns), double vanity $175  (side against wall damaged).All the shower stall & floor porcelain tile 75cents/sq ft from auction, Pex, PVC & fittings $185, all elect $100, 1/2 bath vanities $35 each (slight side damage hidden) Lighting $75, all mirrors $100, shower diverter/faucets $275, exhaust fans $30 each on sale. 

I would lobby for expensing this if it was my return.Charles...I thought the concept of depreciation was to allocate expenses to the year they produce income and not to "exhaust" the use of the property.

For 3 years, every weekend, when I wasn't working my main job, I shopped deals, exhausting every broker in the market and I never bought a deal. 

I read the whole thread, uh...I'm exhausted.

But I'd suggest that the real answer is:(d) All of the above.I don't think you need to spend days or weeks compiling an exhaustive buyers list.  

What would a minimum amount be needed to get started with reasonable confidence that expenses beyond purchase price won't exhaust the account.

My goal is to exhaust my family funds over the next couple years and by then have built an excellent credit score and income (: so that I would at that point be able to switch over to conventional financing for future expansion. 

Much of the time, you will need 20 percent down payment which could exhaust your entire capital reserve (down payment loan for your friend).