Value was going to be added to the property by redoing the kitchen and bath, as well as a fresh coat of paint throughout.

I would have a first lien position on this property but he also told me my name could be added to the title.

Keisha - When I first started out I would simply compile the names and email addresses on an excel spreadsheet of those who said they wanted to be added to my Buyers List.

If you had identified the property, the cost, the travel cost would be added to the basis of the property and depreciated.These initial investigatory costs are treated differently for flipping and rentals1) Flipping: the travel cost to investigate will be treated as a business cost and deducted as an ordinary travel cost.

But of course for running a rental property, it's really not smart to cover up exterior trim with that flimsy vinyl-covered aluminum glued in and "sealed" with a thin bead of whatever caulk they use.

A different approach is placing a “tester” ad on Craigslist (posting a fictitious sf rental deal to see if the specs you choose can drive contact) and when receiving calls about this property you simply say “It is no longer available, however, would you like to be added to my investor list to know about the next one?”

While making it livable is obviously necessary, maybe a few things that could be added to keep appeal in mind- basically putting you in line with area comps/level of finish.Good news is that there are a few updates that can be pretty inexpensive like paint and carpet- although carpet isn't usually a go to in recommendation for a rental , but I realize that laminate is more costly. 

With inspections comes certain things that may have to be added/changed to pass inspection that would not have to be done if there wasn't an inspection.

Now you have a bit of a baseline to compare other potential deals too.Now if you see a "we buy houses" sign with a name or phone number you don't recognize you can simply call and ask to be added to their buyers list. 

There are no other expenses that would need to be added.