You'd miss out on the write-off/depreciation of those repairs/improvements but save on paying the taxes on the "cash".Maybe a good example, maybe not.

@Gail GreenbergNon-recourse fund are generally used for the purchase of real estate not to improve it.

I looked at competitive ads, and tried to replicate what they were doing well, and improve on their weaknesses.

I self manage 8 properties in Florida and I think we are doing pretty good but have much room for improvement and growth! 

Is there a chance that your property could appraise higher in the next few years with market appreciation and/or improvements?

If you are close to the end of leases - you could use the improvement as justification for an increase and an incentive to renew.

Improving the comfort and efficiency of the building is part of the deal.That said, the bigger players in our area are not quite there yet - most still seem to operate under the mode of "unload utilities on tenants" to improve the bottom line.  

You don't want to let a tenant do any improvements either as that establishes more equity.

However painting and property improvements would be added to your cost basis.

You are required to apply depreciation and capitalize repairs, if you didn't pay for the costs, and report the costs or don't report the costs, it's a false return, if you claim the costs of repairs or improvements, and didn't pay that cost, it's fraud!