Here is a link to a website that showcases a few of the improvements to our first investment property, A buy and hold we purchased back in late 2020 using our VA home loan.

Ridgeview was acquired from 'mom & pop' owners and will go through an awesome value-add strategy by renovating the interior units, adding amenities, billing back utilities to tenants, and implementing a professional property management company to improve inefficiencies.

Also, timing those improvements can be very advantageous to you for tax benefits and additional cash-flow.

If you’ve significantly improved the property and have a lease in place you’ll likely have luck finding a lender who’ll do a 75-80% LTV cash-out note.

Get a solid track record of generating leads YOURSELF till you know through and through how, and why it worksThen test, scale tweak improve it.Now you know your system is solid, you turn it into a system by writing EVERY step of the procedure on paper and test it againNow you can hire an employee and have them do that task, Teach them, make them understand the hows and whys and supervise them, alwaysThis is what you need to do.

My property tax assessment doesn't show a breakout for the land vs building/ improvements.

The cash flow situation is expected to improve more substantially than the lower cost market.The higher initial cash flow market is typically the lower cost markets (or higher risk markets). 

Keep in mind, like many things, survey accuracy has improved in the last fifteen years. 

If another heir does make a claim, you could deduct the reasonable and necessary costs of renting the property (but not the costs of improvements). 

@Evelina KhaimovaBelieve it or not, it might actually be more profitable for you to purchase a BRRRR in a neighborhood that does not have the best schools but is likely to improve in the near future.