You will benefit from better rates and lower cost lumber now, so that will help make up for some of the added carry and perhaps the market conditions have even improved? 

In my first two years of management, she earned over $20,000 net profit, the property was in better condition,  she could quit her full-time job, and her health significantly improved because she was no longer stressed.

You need to do renovations, improve the property, and drive up rents.

Their book is super helpful, and so far I'm guilty of at least half of all the newbie mistakes they talk about, so I expect my rental operation to improve as I implement their advice over the course of next lease term.

You'll see rate improvements at 25% and 30% down for most loan products.

I am coming near the end of this project and have already started plugging in some new addresses to run comps and get a jump on the ARV calculations to improve my experience going forward.

However, if interest rates continue to decline, I might consider refinancing some of them to improve my liquidity position. 

Buying quality assets with a larger amount down, making improvements, and paying off debt could get you there relatively quickly. 

This is more about riding the wave of a growing market.2.Forced Appreciation: Actively increasing a property’s value through strategic actions like renovations, raising rents, or improving operations.

While I don't see it on the IRS tax information, if I remember from the conversation with him, I think you have to buy properties that need significant improvement.