I spent most of my life as a general contractor, and often work with investors without much construction knowledge so I can help them figure things out during the discovery process.

Very common....either;1) the house was listed below actual market value2) the bank’s bpo is inflated, no consideration for condition, etc.3) combination of the above 2

The condition of each house will have to pass fha inspection though.

@Giovanni Luna I agree with Jason Gines, Roofstock is a marketplace of mostly currently tenanted properties that can be in a whole range of conditions.   

The decision maker in this case might not know what the real market value is based on its condition.

. , replace flooring where necessary with laminate or vinyl plank, paint cabinets if in good condition and solid, new laminate counter tops.

@Joanna Golden Deductibility of expenses revolves around the "in-service" date, which is tax talk for when the property is in a livable condition and advertised for rent.Once the property is placed in service, operating expenses can be deducted in full, even if there isn’t any rental income just yet.

I am definitely living that "paycheck to paycheck" life... 

The percentage will depend on the condition of the home and when you anticipate the next big ticket item will come up.

I had an Audible credit and it was between that Josh's book on Rental Property Investing or Shark Tank (how different would my life be if I downloaded Shark Tank instead?).