I could put 25% down, but would like to try for 20% to ensure i have plenty of money for improvements, reserves, etc. 

Sorry to be dense, but let me run it through one more time to be sure I understand.Purchase price + improvements $100kDepreciation 20kAdjusted basis 80kNet sale price 180kCapital gain 100kYou seem to be saying this in the post I quoted:Ordinary taxable income after deductions 30300 - tax 3618 Depreciation recapture 15% of 20k                      - tax 3000Capital gain at 0% 25k                                          - tax 0Capital gain at 15% 75k                                        - tax 11250Did I understand that correctly?

All improvements are in and plotted ready to build on.

I would go through all of the BiggerPockets podcasts, interviews, and videos on YouTube, then read the top 10 books on the BP reading list. 

We had heard from the previous home owner that they did a lot of improvements themselves.For some reason in the front room they added a layer of plywood 10’ into the room, covered it with rubber floor, and then carpeted.

The property is in what I would define as an A neighborhood, in general it should have very low vacancy and potential for continued improved rents, maybe even appreciation (although I wouldn’t count on it).

I saw a youtube video about the following level and it's exactly what I want but I don't want to spend that much.  

I am an investor and licensed Virginia Realtor living in Northern Virginia who enjoys transforming and improving communities by rehabbing run down and abandoned properties and making them available to families who would otherwise be unable to afford a home.

Wholesaling101 You Tube ChannelKent Clothier – You Tube Memphs Invest channel

Usually, not always, when you purchase property, you are actually purchasing the land with the improvements to the land (i.e.