I recently left active duty Navy as a Helicopter Pilot and I was able to move directly into full time real estate.

For the major project I had them handle, replacing worn out carpet with Vinyl (Wood Patterned) Flooring I was quoted in writing $2,100 "out the door." 

According to the IRS rules, if you spend at least 750 hours on your real estate business, and more time than any other job or business, you are considered a "real estate professional" and can deduct the losses as active losses against active income.

This isn't that tall of an order if you're only looking at the most recent 6 - 24 months of market activity.

You may not need to budget for as much capital expenses if you don't plan on holding it for very long and if you replaced some of the major mechanicals in the rehab.  

Hey guys, I've been a member for a while now but haven't really been active. 

From what I remember there were some issues with the unit on the right such as active leaks in the ceiling and some foundation issues outside around back.

If they don't don't exercise the option in 5 years, we can just sell the property or do another lease option and we stand to make even more.The reason I like to do lease options over rentals is because in the majority of cases, I don't have to budget for the 3 highest expenses that come with rentals: vacancy, turn over, and capital expenses.  

I currently own a rental property in Boston which I house hacked and am actively trying to acquire another to do the same.

Especially in a market like mine, we've been in majority of the listings and the sold comps, or if not, we've likely talked with an agent/buyer/inspector/etc who has and has given us the bullet points.