If you approve new tenants, determine rental terms and approve expenditures, you have met the test.

Account Closed , Improvements vs repair is a very subjective concept and depends if you are comfortable defending your position with IRA.For me, Replacing entire duct is an improvement as you are restoring the property. it is restoration if expenditure returns the unit of property to its ordinarily efficient operating condition if the property has deteriorated to a state of disrepair and is no longer functional for its intended useI would say insulation  and breaker box is a repair. 

•What limit is set for your property owners to approve expenditures?

In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly purchased capital asset or an investment that improves the useful life of an existing capital asset.

Number 2 is putting one-time capital expenditures on line 14 "repairs" rather than line 18.

Estimate what expenses and cap expenditures as there will be some.  

Its the nature of the expenditure and the reason that its being incurred which determines if and how an item is deductible as an expense for tax purposes.

Would be trying to rent for $1650 (current estimate around $1695) per month.My goal is to eventually build wealth through rentals but I do need to increase my capital for other expenditures.

If you see expenditures I'm missing, or seem unrealistic let me know!

I get great cash-on-cash returns this way, but it involves higher capital expenditures up front and labor (since I do a lot of the renovations myself) to realize these gains.Feel free to PM me with any other questions.