Your taxable income may be more than $15k (from capitalization of improvements, for example) or less than $15k (from depreciation or cash-out refi). 

Look for deals that need physical improvements that will allow you to increase rents and occupancy.

We may want to lower the Refinance loan amount to improve Cash Flow.  

Or what if he considers capital improvements to be “repairs” making the property look worse.

Once you have earned some money and mature a bit you may find that it is also part of the responsibility that comes along with success that may lead you to simply want to help a community maintain or improve its quality and value.

I think a landlord has a responsibility to the try and improve the community in which their rentals are located.

@Jason Dekdebrun Capitalize as you improved the property when the unit was vacant.

Could you please maybe mention the margin percentage to give us a better idea of the improvement resulting from the in-house marketing?

Check out Jhomar Home Improvements and Imperial KB.

In terms of improvements on the property, I had a wrought iron gate/fence installed, security cameras, and glass shower doors.