@Gabe G. if I understand you correctly, the total damage is under $500?

We hear horror stories of contractors smoking inside projects or using the cheapest grade of materials and have been called to correct another contractors work (more expensive than our original bid).

Eric Newman Samuel Pawlitzki is correct... if you sell that land for say $60,000 to a buyer the title agency you use will settle your the liens on the property before the title can transfer as clean title.

This scope of work should act as your contract for your contractors to hold them accountable to their bid so there are no questions on what was or wasn't said during the walkthrough.After that, I recommend hiring a contractor that has their own contracts for you to sign.

@Ryan Murdock I'm fairly confident utilities aren't required but am getting in touch with the correct people to clarify all section 8 landlord requirements.

"Anything I should consider itemizing over taking the standard deductions") suggest you're not able to prepare your own return (correctly and to your benefit). 

Correct me if I'm wrong but essentially you are saying to treat it more like a standard contract that closes not "if" but rather "when" the rezoning goes through.

Basing purchasing decisions off a current cap rate makes little or no sense to me (would appreciate being corrected).

As an investor though, you have the luxury of bidding on as many properties as you want where the numbers work for you. 

- background Condo is coming out of an Estate Sale and needs work - recent market activity, data from last month, similar units -  (1) Estate Sale - As-Is - listed for $129,000 - sold for $134,000 - (2) Well maintained /Updated - listed for $149,900 sold for $154,900 - admittedly might not be looking at this correctly in that (2) might not be relevant - thank you for helping me