Sounds like a repair to me, as it's not an improvement per se - just keeping things as they were, minus the wear and tear.

They always se me busy and the PDX market is too hot to wait a day. 2.

I'm sending a LOI out next week for an underperforming 36 unit multifamily in the SE.

@Adam Daneff: I should clarify, as I know most homes in the "student ghetto" don't get renovated, per se.

I am looking at a house in a big college town in the SE. 

In my experience, if lenders see a W-2, *even if you're the sole owner of the 'employer'* they count that as higher quality income than SE income. 

Backyard cute but small.ARV - $340,000 MAX Comps1. 20 H ST SE 98002 sold for 349,950 on 12/2016.2. 3324 M PL SE sold for 325,000 on 7/20163. 14 J ST NE sold for 300,000 on 11/2016.Arrears - $30,000     (plus 181k left on note)Rehab - $35,000Profit - $35,000Fixed costs (CC both ways, excise) - $12,000Holding (6mo) - $3,000Wholesale fee - $4,000This house is in a hot neighborhood, does not need realtor help whatsoever.340-30-35-35-12-3-4= 221,000 max offer to sellerPictures:

Our Miami Multifamily partner group is an ensalada !!!  we speak English , Spanish and Portuguese. So don't miss your next deal if you owner of the property is Spanish or the next sale  South American Capital is alway...

While it may be unfair that I essentially group the entirety of SE/SW that are EOTR together, I do.

You could also pay SE tax of 15.3% on any profit (this may depend if you are flipping multiple homes and if the IRS considers you a dealer vs an investor).