One of our loading docks is shared among three tenants, and we've had to repair the gate because it wasn't staying open.

Repaired wooden gate with new hinges and latch.

For repairs think fence gate sagging, painting, etc. 

There is no such thing as great tenants out of the gate.

You buy a cheap rental and get a horrible tenant right out of the gate. 

Here is what we are doing...Re key home to make new tenant keysClean up and shape the landscaping and trim tree in rear of homeRepair exterior wood - Repaint all exterior siding and trim.Repair gate / fence leading into backyardReplace all kitchen cabinets with new cabinets - Paint white, then antiqueNew st steel stove, dishwasher, and vent a hoodNew countertops (kitchen)New wood laminate flooring in 2 living areas and hallway - 1st floorNew tile floor in downstairs bathroomNew vanity and sink in downstairs bathroomTile walls around tub to replace old tub surroundNew brushed nickel light fixtures and fans throughout the homeNew carpet and pad on stairs and upstairs hall and bedroomsNew tile floor in upstairs bathroomNew vanity and sink in upstairs bathroomTile walls around tub to replace old tub surround upstairs bathReplace old / damaged sheetrock where needed (mostly downstairs)Repaint all ceilings throughout homeRepaint all doors and trim throughout the homeRemove all wallpaper and paint all walls standard neutral colorsReplace all interior and exterior doorknobs and looks to new brushed nickel look to match lights and fansReplace all cabinet pulls and knobs with brushed nickel to match door knobs and lights/fansLicenced plumber to repair and service all plumbing fixtures / pipes to ensure no leaksLicensed HVAC technician coming to service and clean the heat and air to ensure it is working property."

Or am thinking through this correctly:Purchase Price: 25k Repairs and all holding cost except Interest =25kValue and sales for =-100kBorrowed from the gate 100% of value or 100k @ 12 % From Purchase  on Jan 1 2013 to Sell  Dec 31st 2013 or 1 year or 12,000 in interestWould all of that 12k be able to be expensed towards that property in 2013?

Im a newbie in the education phase, looking to LLC this thang right out the gate, so whats the sexiest REI business name you've ever seen or thought about but it was too crass to actually name your business after...and shoot! 

This technique will automatically give you trust right out of the gate. 

I will love to take a look at it before it goes live so you come out the gate strong.