So in a BRRR strategy where you buy all cash and refi later, that refi interest is not an expense on that property.Now if you use that refi equity to fund another property, then the Interest may be an expense on the property to which it is allocable to.

The owner may have trashed it on their way out to "get back at the man" or maybe they stole all the cabinets, doors, copper pipe and fixtures to fund their meth addiction.

I will also create an upfront operating account fund to cover any unexpected issues that occur before I build an adequately sized reserves account from the ongoing savings. 

Will I wire funds to the exchange website to record the assignment or should I use a local escrow agent that I choose myself.

You can definitely get a better return on that capital, and some would say you could do better simply by putting the money in an index fund.

The other thing is that I believe we're in a downturn and will be for years, so the only passive income stream I see offering low risk and steady return is some select corporate bonds purchased at peak interest rates.

Private money for the purchase, and self funded for the repair.

If the tenant caused $3,000 in damages and you don't have time to fix it up before closing, demand the Seller provide you the funds to make the improvements after closing.

My recommendation would be to find another, less depressing job to fund the down payments for your investment properties.

Our LTV is less than 50% ( yes no risk at all for the bank, and we have top credit score.We already paid the appraisal, environment fee, wasted countless hours etc...The texts in LOI: Financial covenants:-- Min DCR based on actual rents for the first trust deed of 1.25:1.00 based on a 25 year amortization by the end of 2018.And in the loan doc---Property is to maintain a 1.25:1.00 Debt Service Coverage Ratio, tested annually.We would not have paid the fee and sign the LOI, had he included the phrase tested annually.Please understand that the loan  will be for 10 years long, and we are very confident that we will always have fund for the monthly mortgage payment.