There is enough uncertainty as it is in this business so you want to minimize variable expenses, so that most of your expenses are fixed.It is always easier to bring in an additional dollar of income than it is to reduce a dollar of expenses, so when improving NOI look at the income side first. 

Make sure each deal you improve parts or all of your process and you'll be able to find an efficient way to identify, qualify, finance, acquire, and manage your deals.Find a way to get your first deal with the resources and network you currently have and through experience you'll expand your knowledge, skills, resources, and network as you go.

I'd also start building some real skills for home improvement as far as simple repairs or replacement techniques so I had something to offer others as either A. help and offer that as my sweat equity or B. jobs, to save more investment moneyI wold start looking towards longer term plans to make money to use for investing, myself, I'd save some more so I could become a notary at 18 and build a notary business as soon as I hit 18 to funnel into my RE plans, I think in CA, it's about $500 total from start to finish to become and Notary and loan signing agent.

., you shouldn't really improve the property during that time or IRS may become of beneficiary of your rehab work.

Try substituting free & clear property as the collateral...an excellent way to raise hundreds of thousands of dollars in tax-free cash to shore up reserves, add improvements, and/or (of course) acquire more well-located income producing real estate.

That basis has been affected by capital improvements and depreciation. 

As is, the owner is rent rolling $2,000/m with just 2 units occupied and paying rent.She wants to hold on to the property and make capital improvements over time. 

You can hold it, it has positive cashflow4) Real estate allows you to create equity by rehabbing or improving the asset5) Real Estate cycles are local and not uniform across asset classes.

The city of Allentown has seen a lot of growth over the last few years due to some Neighborhood Improvement Zone incentives.

Depending on the way things are now, there could be an opportunity to improve the listing with better photos, upgraded amenities and a refresh.