It seems all the rules regarding what to buy and how are relatively clear.

Investment Info:Single-family residence buy & hold investment.

Hello Arnold, I personally used my 401k to buy my home back in 2017 so I know from experience its a pretty easy process.

Or buy some tests.

As you are pointing out - the expenses will all hit at some point if you own for long enough.If you buy a house that needs a new roof and a new furnace within a year... then you need to budget for those expenses in a year. 

Investing in real estate isn't all about buying property it's all about creating and controlling your own future.

I will have to provide and buy all the finishing (cabinets, countertops, tile, flooring, etc), but they demo and install everything.For the garage conversion, including the walk-in pantry and 2 bedrooms, the mini-split system, taking out the garage door and framing it and adding siding to look like the rest of the house, and add 1 window in each bedroom, the quote was $40k.I would love to get your opinions.  

I buy desirable properties in desirable areas.

So the lessons here are that until rates come down, most houses for sale at current market rates will not cash flow (well) where they are worth buying in todays market. 

Buy a property(ies) as soon as you can.