Since 2009, when I first attended UB, the North Campus student housing has expended quite a bit and there are still plans on large scale multi-family developments underway. 

This paragraph (c)(4) provides rules for determining when debt proceeds are expended from the account.

It all depend on what will make you sleep better at night.If you are expending your business and expecting to grow your asset over the next few years, it may be worth starting having the structure in place for it.Using LLC to hold your properties should be tax neutral.

Webster defines investing as "expending money with the expectation of achieving a profit".

My opinion is ultimately the PM company should be held liable to make sure this vendor gets paid.The PM agreement states: (21) hire contractors to repair, maintain, redecorate, or alter the Property provided that Broker does not expend more than $ for any single repair, maintenance item, redecoration, or alteration without Owner’s consent; Leasing & Management Agreement concerning: (TAR-2201) 6-1-10 Initialed for Identification by: Broker/Associate and Owner , Page 3 of 11 (22) hire contractors to make emergency repairs to the Property without regard to the expense limitation in Paragraph 4A(21) that Broker determines are necessary to protect the Property or the health or safety of an ordinary tenant;3) Should/Could the vendor file a mechanics lien at this point?

At least once you get things going with your REI, you can have some expendable income to get another fun car someday.

I could not have accomplished the level of renovation you show for the dollars expended.  

I may purchase the properties upfront by cash, say 25K, however I need a loan to fix it up, prob a hard money lender which is the only option I can think of. the house foundation is 750 sqft big that also limit the ability to expend, unless I build two floors. the ARV could be 100K to 130K. 

Hi BP,Last week my contractor informed me that he has requested to enlarge one of the rooms in the house, but explained to me that if I add a closet I will end up expending more money than intended. 

Tell them that you have expended energy and hard earned money to litter the streets with your signs.