Not saying these aren't good ideas, but they can also be overwhelming.  

What are you going to do if you lose your primary income for some reason and the property is losing money every month plus you have a large capital expense come up?

With the depreciation you can write off on your taxes alone, plus all the expenses and interest payments. 

Hey Pavan, totally can relate with you being from an expensive real estate market - I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

Otherwise, you need to file a 1099 to that person for the principal amount so that you can deduct it from your taxes as an expense to balance out  LOLGood luck.

My house on slab is in a nice middle income area with expensive fishing boats and RVs in the concrete driveways, yet 2 comps were on another area with block homes, hoopties in dirt driveways, and 2 of the comps even sat next to trashy convenience stores.

I would get an inspection on every property even if its a shell . maybe there's something you don't see with foundation etc . few hundred for an inspection should just be a part of the expense of doing a project 

First red flag, that part is extremely expensive (like new unit expensive), he may be steering me to buy a new unit which is easier and more straightforward than repairing.

Not as expensive as new cabinets but more than paint. 

I’m not a fan of including utilities as you encourage tenant waste and your property appears to be more expensive than the comps.