Just like pretty much any other repair, once you buy the property you're inheriting all that's right and wrong with it.

I've seen contractors propose these both ways for the same work.If it's an alteration, would it be considered a repair??

You need to understand the buy side, marketing to other investors, estimating repairs and exit for a flip.

I'm grateful for quality content like this.

If the house is fine and just needs a refresh, you have much more options for financing the repairs  than if its condemned etc.

How do you deal/budget for repairs / capex?

Thanks in advance.SFH for sale :  3 Bed,2 Full Bath -$100,000.00  ( Baltimore County 21207)ZILLOW VALUE : 120,000.00Average Rent : 1,600(I called 4 similar Properties Same Area for Rent -Realtor.com)I am planning on buying using my own cash and then use Fannie Mae-Delayed Financing Exception to recycle (3 to 4 weeks)my money and repeat.Mortgage Loan PI :   30 years 4.6%            $ 513.00Property Tax  :                                               $ 209.00Insurance:                                                       $  28.00Total :                                                              $ 750.00Utilities/landscaping Paid by Tenants and Major Repairs by Landlord.Cash Flow  :  $ 1,600- $ 750=   $ 850.

They want the tenant rep broker to save them time to only present them high quality sites that meet their criteria.

Numbers too tight.  7% is low for capex and repairs. 

I find myself scrambling to find quality content to provide to my members.