First you need to learn to separate the following:Maintenance: usually things related to wear & tear or tenant damage.Repairs: usually broken items like doors & windows, caused by tenant or nature.Capital Improvements: usually expensive things that wear out: hot water tanks, furnaces, roofs, etc.The seller is correct that Repairs & Capital Improvement items should not be a factor for awhile (ALWAYS get your own inspection to confirm).

If I scale to a point where I no longer have time and have to outsource, that line item is already accounted for and the property will still be profitable.  

The loan does need to be secured by the property being improved if we are talking about a personal residence and personal itemized deductions on Schedule A.

Having a GC that will provide good documentation, itemized receipts, etc. will make the process much easier I've noticed. 

It’s ran like a business, not a personal investment.Given the heavy workload I have being the CEO/founder of the wealth management company, my wife has set up a well oiled machine on the property management side, due to her perfectionist drive however, it still means that she's constantly dealing with tenants and toilets and replying to items at all hours of the day and night.

Focus on the big-ticket items and estimate costs.Financing: Whether it's private money, hard money loans, or a traditional lender, make sure your financing is lined up.

Most new construction deals require you to give up to a 10-year warranty on some items while most fix and flips come with very little extended liability after the sale excluding gross negligence which is not stopped by an LLC in any case.

Given the scope of your work, a simple plumbing leak would not concern me, it's a $200 issue at the most and ideally, it's just another line item when you do rough in plumbing for the kitchen.Being in a Milwaukee suburb, I am guessing it's a 1960s ranch, probably with galvanized plumbing.

Then we review the submitted file items and come back with questions or ask for additional documents it is a normal process.

Or can I get the Costco brand items??