You would have been able to write off the whole thing if the apartment was already there and you were just doing repairs and fixtures to bring it back to its rentable condition.

If the Purchase is $20mm and the down payment and closing costs, plus repairs in 30%, then the down payment/costs would be $6mm. 

@Bruce Lynn Yes none of them are move in ready but the city also provides a "scope of work" analysis with each property which give a pretty comprehensive list of repairs and code violations that would needed to be fixed before living in the property.

If paying cash you can only refi for purchase price not cost of repairs too from what I understand.

I don’t get calls for repairs and I know my investments are with experienced professionals.

What advice besides partnering can you give someone who is trying to get into real estate if they have capital to buy a property(in Bmore) but need the repair amount? 

I had one like this that ended up owing me $1500 by the time I did repairs and such.

You can snatch a foreclosure 3 Bedroom for 50k or less (I’ve gotten 2 in the last 2 years for approx 35 with repairs , equity of 35 ) and rent for $850 or more , sometimes guaranteed with HUD.

It seems that they buy houses, do shoddy repairs, and then try to sell them. 

I did my analysis two ways with taking out cap ex, repairs, management, & vacancy and this link I put up without.