These days, when I install hot water tanks, room air conditioners, my CPA would expense them.

The market has been hot hot in the Northeast for a pretty consistent couple years.

I've purchased some properties from the city, not the hot part but a nice street right below Mount Saint Mary's, just a half block above where everyone is meeting this Friday at Blacc Vanilla.  

I'm thinking about trying this but I'm looking to exchange into a pretty hot market (Colorado).

In such a hot neighborhood, it should be easy to rent out a well-priced, newly renovated property.

My mentor says that she writes offers both ways depending on an array of factors, but the immediate EMD is definitely a more solid offer on a hot property.

I personally dislike them because they can have more problems and especially during the summer, (if you have hot summers in your area can make the unit more difficult to show)  I wouldn't necessarily replace them right away but it would be something I would plan for as soon as they break.

What type of mod bit is he recommending a hot or cold application?

Matt,Congratulations on finding that smoking hot deal. 

so you got both sides of the coin  see which one fits your risk profiles.. then move forward. as you say lots of ways to invest.. actually many of my clients prefer to be the bank.. and take all of the tenant and reahab risk out of the equation.. its quite hot right now .. and pretty appropriate for the smaller investor weighing what do to..