Capital expenditures are your big-ticket items like new roofing, electrical, plumbing, etc.

you got it2-4 unit on a conventional or FHA loanpreserve your capital when starting outlook for something that needs cosmetic work but has heating/electric/plumbing with plenty of life left...

Longer you wait to repair, the more expensive it gets.How old is the building and what type of plumbing?  

This will help you get a better idea of what tile, hardwood, carpet, plumbing fixtures and light fixtures costs for your rehabs.#3 Contact Local Contractors for Labor PricingCall local Subcontractors and get budget pricing for common repairs on your typical rehab project.For example, call a roofer and ask what their average cost per Square of Architectural Asphalt Shingle Roofing would be on a 1,500 sf house, with a 6/12 pitch.Note: Some contractors will be reluctant to share pricing without seeing the property, but tell them you are just looking for a rough budget number you can use on future projects.#4 Compile Your Prices into a Spreadsheet or Estimating SoftwareOnce you start to get a better understanding of Labor and Material costs you will want to store this data into a spreadsheet or software that you can use to help you streamline the estimating process.The Book on Estimating Rehab Costs comes with a spreadsheet that you can use to help you populate your own database of labor pricing and material pricing.

Also has new plumbing. 

The roof was recently replaced, plumbing and electrical were upgraded within the last 5 years.

I was thinking that I was going to basically take out the wall and reconfigure the kitchen without having to move the plumbing much.

Their own "contractors" left a 2" hole in the furnace plenum of one house, drywalled over heat vents in another, improperly performed plumbing repairs causing dozens of maintenance calls...the list goes on.

Based on your thread I'd say you probably should try to start in a trade - plumbing, HVAC, electrician.

I prefer to own the land under my feet, even if it means more long term planning for capex (roof/plumbing etc).