Here's a couple of quick add-on questions:When figuring expenses or improvements on the rental, where do overall expenses and asset purchases go - the things not applicable to just that one property? 

Your taxable income may be more than $15k (from capitalization of improvements, for example) or less than $15k (from depreciation or cash-out refi). 

Look for deals that need physical improvements that will allow you to increase rents and occupancy.

We may want to lower the Refinance loan amount to improve Cash Flow.  

Or what if he considers capital improvements to be “repairs” making the property look worse.

If you put that in your profile it will show up when you post and make it easier on us to help.Your question is hard to answer without more information because a lot depends on your personal situation. 

I’m sure it determines on where one is financially! But I wanted some insight on the different vehicles and how to choose!

Your profile doesn’t say much so fill it out so if someone wishes to mentor you they can know a little about you.

Once you have earned some money and mature a bit you may find that it is also part of the responsibility that comes along with success that may lead you to simply want to help a community maintain or improve its quality and value.

I think a landlord has a responsibility to the try and improve the community in which their rentals are located.