In my market you can do a cosmetic rehab: new kitchen, floors, new bath, recessed lighting, taking down some ways, screwing down floors, new paint, baseboards, trims, casing. 

@Joe Villeneuve @Theresa Harris, thanks a lot for taking the time and provide some info/ideas/suggestionsTo give you some color for these properties, there is a 15 years-plan that my wife and I are planning to have arround 5 to 7 properties in the same $$$ range (-+ $200K) that we can rent them around $1600-$1800I believe after 10 yrs, I am expecting to a better cash flow considering some loans will be paid in full, but maybe the next properties will have as you suggest 30 year-loan. 

If your manager is just 'keeping an eye' on things, collecting/reminding on a few rents here and there and some light cleanup while being compensated in free or reduced space rent then classifying them as 1099 subcontractor is great. 

Loan-to-value allowances vary, but seem to top out at 75-80%, and even that figure can be misleadingly optimistic in light of the appraisal difficulties (described below).

I put $6000 into repairs, mostly paint, new light fixtures, new appliances, painting cabinets and fix a small leak coming from the roof.

Do you need cash flow from it for income or will light to no cash flow work if you can groundswell appreciation on a good asset?

I am going to come at this in a different light.

After feeling hopeless, lost and confused about a year ago, I'm happy to report that I'm starting to see the light and the path to wealth after taking consistent action, and am excited to be seeing the progress.Cheers, to constant and never ending improvementArgelI don’t see how it’s possible to generate enough cash flow as a real estate investor starting with no or limited capital.  

Checkout my YT video, it'll provide more color. 

Natalie - would you be able to provide color as to why the audits of DIY cost segregation studies were not allowed under IRS audit?