I BELIEVE you have to make massive improvements, like 300% of purchase price, to qualify. 

Maybe to improve its value, just bring it back to "land" only, then start? 

It would give me the opportunity to inspect the property and ensure there are no other issues.This is not a scalable practice.

But the prices do jump a bit...That being said you might be getting a super good deal and that area is somewhat improving but it is still kind of depressed hence the crime map.

I'm by far no expert but if it were me I would check into a home improvement loan, or HELOC. 

This is common practice as they get you in their doors with a free seminar, then you are pitched some education program for several hundred to several thousand, then the upsell to the “insiders club” for tens of thousands.

Tenant turnover is when you do improvements but only if it will raises your market rents for your next tenant.

Such documentation may include:  Closing statement when the property was purchased showing the purchase price;  Documentation showing the depreciation allowed or allowable, if any;  Documentation for any capital improvements and other increases in basis; and  Documentation showing decreases to basis, including any deferred gain from any prior sale(s).

Since Arrowhead is a private lake with many restrictions about being able to put your boat on there, tenants would not be allowed to put their boat on the water unless they actually own improved property in Lake Arrowhead. 

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