Improvements are added to the basis and can be later depreciated.Improvements that qualify as QIP, make improvements you make and rent it out.

We’ve provided a toothbrush. 3 years later and it’s still going strong! 

What makes it slow in this case is that you don't really start seeing real cash flow until after year five but it's more effective than rentals in that there is little to no maintenance.Sure you can live in a home while fixing it up with the intention of selling it for a nice profit later but I think many people are already doing that and the buyers of slow flips now also have that opportunity without having to qualify with a bank.

Then a "surge" when the tenant paid up months later bc usually a tenant has to not only fall behind but MONTHS of rent have to go largely unpaid to warrant eviction.If the P&Ls were "doctored" by the seller, that seems like pretty big cause. 

The next thing I would do is drive a few prospective areas that I might want to invest in later.

Even if it's not, nobody said anything about forcing a situation and everything can be refinanced later?

Then do a cash out refi on that property later on to maybe buy 2 or 3 more rentals with 20% down on each.

Many investors start with personal ownership and transfer the property to an LLC later, but it depends on your long-term goals and risk tolerance.

I later flew out there and walked the properties -the properties and neighborhoods look much different in person than on video. 

You could always later cash-out refinance for your next deal too.