Lately, he's been saying he wants to make more money and get into the investment game but he has limited capital (he has access to a HELOC for $60K at 6%).

I appreciate you respecting my time as well.When you are doing your due diligence on an investment property, you should ALWAYS limit your own exposure to unnecessary costs and liability. 

With a Tenants (aka Renters) policy, they would pay the deductible ($100, $250, $500, ... depends on what they select) and then the Insurance company pays the cost to replace the items up to the policy limit.2.

There are limits on gifts each year, so you don't want to get hit with a big tax bill for doing it the wrong way.

But now the cap rates and ROI are so low on both single family and small multiunits (as well as apartment complexes) that there is really no point in sinking your limited capital into a property that is going to cost you money each month.All that said, you could look to Olympia (prices much lower) and even out to Aberdeen/Hoquiam area where cash flow is solid (even though the market has gotten wildly hot out there, too in the past 4 years).

We look at the bottom line, and if you are deducting everything to limit your tax liability, we have to use the income that ended up being taxed. 

Nor was there any limit on the CAMs or annual CAM increases.

I would think that city code enforcement would be the best bet if they are inside of city limits. 

I'm looking for advice in the Wisconsin area on how to get my first buy and hold property or buy and turn property with limited financial resources?

The alternative is a nice big rent hike at the limit of legal acceptability, like 10%, and the explicit threat of keeping them coming.