Down payment of $75k and improvements/furniture of around $40k.Would love to hear your guys thoughts on this!

No one is living in the property, if it goes under contract, no one is packing the bags, calling furniture movers, setting up storage arrangements, they aren't out with another agent looking for a place to rent, taking off from work,  they probably won't put a contract on another house, with a down payment and earnest money subject to the closing on their empty house.

You'll have to pay tax on the remaining FFE (furniture fixtures and equipment) and good will.

For example :-The type that insisted on going to the out of state liberal arts school and racked up $150,000 in student loan debt while acquiring their degree in English literature-Your neighbor that have two $40,000+ new cars in the driveway while saying it is way to risky to invest in real estate because you could lose money-Your friends that time boasting about all their 0% financing on their furniture then forget to pay the balance offPeople on BP tend not to be in these categories.    

Equipment, furniture, and fixtures, termed "§ 1245 property", are tangible personal property.

It provides buckets on how to depreciate your building, furniture, appliances, etc.

Or if your family needs new furniture and it lines up with what you need for staging, buy it for staging a house, then bring it home! 

I ended up using that money to put a down payment on our first house and there were also a lot of other expenses such as appliances, furniture and other stuff that comes with a first home purchase.

You would have to factor in furniture but it's something to consider. 

Tenant shall properly use, operate and safeguard Premises, including if applicable, and landscaping, furniture, furnishings and appliances, and all mechanical, electrical, gas and plumbing fixtures, and smoke alarms, and keep them and the Premises clean, sanitary and well ventilated.F.