Good day all, I'm kind of new in this market, (central Florida) trying to build honest relationships in the investing field with experienced investors that can guide me in the right direction. I'm financially ready an...

I am also looking at 5/7/10 year ARM's in order to improve COC as well as ROI.

As out of state investors, my partner and I have extra costs that local investors don't always have to account for (IE: local can self-managing, access a local handyman, leverage existing relationships, etc.).

My assumption was while they are there I can make the improvements and then eventually raise rents.

I think that will help your knowledge base more than any books will, as well as give you the time needed to improve your credit and financial situation.Good luck!

It's a bit over 2 hours but still pretty accessible.  

I believe your depreciable basis when converting to a rental is the Lower of, your purchase price plus major improvements OR current value.

But keep in mind that if you want to defer all tax you cannot reimburse yourself for the improvements. 

this might afford you the same benefits as the FHA 203K, however, mortgage insurance cost are lessened or if your after improved value affords you a 20% equity position, the mortgage insurance will go away altogether.

Over improvement not only costs you money up front, it increases your long term maintenance and repair costs.