, appliances, windows (I assume the abandoned property has been boarded up), materials alone add up quickly much less the labor.  

This is true some times, but in some scenarios, brand new properties end up producing significantly MORE maintenance/repair headaches than older properties.The reasons are:1) Some building techniques/materials are far superior to those used in the past, but some are not, and some are unproven.

I didn’t find any unicorns yet of how to keep it super warm but will see if the cover makes a material difference Insulate your pool: Adding a pool cover or blanket can help to keep heat in the water and reduce the amount of energy needed to maintain a comfortable temperature.Set the thermostat correctly: Set the thermostat to the desired temperature and avoid making frequent adjustments, as this can cause the heater to cycle on and off more frequently, which can increase energy usage.Keep the heater clean: Make sure to clean the filter and other parts of the heater regularly to ensure it is operating at its best.Use a timer: Use a timer to turn the heater off when it is not in use.

We will do a very through materials list before we do the first and then adjust from there. 

@John BernardoYou need to pass the "material participation" test for this business.

Unfortunately, too often Boards are driven by their own agenda, which often includes keeping maintenance fees low by not spending money they should be spending.

In this scenario, we had to manage the float pretty tightly, as the bank would not release funds until stages were complete, thus no money upfront, however, in most cases we were able to use invoices for materials, etc that were on a short credit window to make it happen.   

. - Driven by Insights by Walker and Dunlop (a big CRE finance operation) All of these are good, but if I am pressed or time and have to pick, I usually go with On the Market then George Gammon. 

Sale price-Materials-Labor= Net GainThen they spilt it 50/50. 

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since you mentioned an interest in buy and hold, I added a couple links below on this niche for your review, while waiting for local connections and feedback on the Kansas City area. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/forums/categorieshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?