Always be sure to think through, analyze, and underwrite the property through its entire life cycle, from purchase through to sale or cash out refinance, and have several optional off ramps (exit strategies) already lined up along the way.For me personally, I want the fewest (not the most) number of units that will cash flow enough to meet my income needs (plus margin) when I am ready to retire, not cause me any major headaches over the long term, and have the best chance of appreciating in price over the long haul.

Add the time to evict and you are in for a long haul. 

Cost wise it's probably double carpet, but over the long haul, the CapEx savings is worth it.   

I also bought a 2004 explorer so I could have a vehicle to haul things for the project, future projects.Question is any of this deductible this year given the fact I haven't generated any income ($0 from other rentals as well) in from this property? 

I can only tell you from my perspective owning over 100 rentals currently (mostly in NW Indiana) and being on the construction end of over 500 for me and other investors and helping clients find over 400 over the last 8 years that this price point will not perform over the long haul better than the 60k-120k areas.

Sorry for bumping an old post, but i'm currently asking myself the same questionI found an AWESOME partner and i'm in it for the long haul-- I think the fact we're asking if it's okay to do it outside of an LLC means we probably already know the answer, and that is that we know we SHOULD. 

I have a rental in a vacation market and have toyed with offering tickets to local tourist attractions, amusement parks, etc, to make a few bucks.

So we pulled up all the carpet and padding and hauled it out...and it smelled the same as when we started. 

First, you want to ensure you're going to like this and stay in it for the long haul.  

@Jeff Robert  I would be advertising a garage sale and say most items free...you would be shocked at what people will haul off..