It sounds like she does flips (and pays lots of ordinary income tax) to finance her buy and holds (which she may or may not 1031 at some point).  

It seems like you're too far along into this to have no idea of your closing costs, even though they are of course based on your purchase price combined with your Reno costs, probably 5-6% of the total.  203k loans Do carry a half percent higher rate than ordinary FHA loans.  

Just be aware of the rules around renting your unit since coops tend to have greater restrictions than condos.  5 out of 50 doesn't seem out of the ordinary.  

They're just ordinary locks. 

Curious on everyone's opinion on if this could or could not work...I own and run a Concrete company where we place and fix various, patios, driveways, sidewalks etc..  

Its ordinary income and taxed at ordinary income rates.

It is a 3/2/2 on a decent sized lot with a screened in pool/patio area.

We believed the tenant only to spot someone shoveling the patio today.

The renovations would need to qualify as "ordinary and necessary" expenses in regards to operating this property as a rental.

If you spend it along the way, you lose your leverage when the tenant terminates and moves out and then have to go after them for cleaning, repairs, unpaid rent, etc.Some Landlords will make the tenant responsible for the first $50 or $100 of any maintenance call, even if it's an ordinary wear-and-tear thing.