One of the things the city is allowing is to defer up to half of permit and impact fees till final inspection, so at least if I will save some up front money. 

Just a side note: Using these services may not be as helpful to your tenants as you may have hoped, if you dig deeper in to the details from each Credit Reporting Agency you can see where rental payments will have no impact on the scores most lenders use in credit granting decisions, for example; Experians offering results in a tradeline that impacts Vantage scores or Experians own Plus Score, neither of which are used by.....well anybody for credit approvals.

Great thing about a job like this is that the failures or successes of others do not have much impact on your failures or successes.

That said, we recently rehabbed an excellent property in Summerlin (one of the best areas in Las Vegas) with tile floors, paint and some landscaping and the total was approximately $9,000.Ongoing MaintenanceMaintenance costs can have a major impact on profitability.

We pinched every penny and tried to put the money where it would have the most impact on the overall value of the property.  

My builder is doing new construction at 80/ft on medium-high end quality (~400k homes), plus impact fees/permits.

This would certainly have an impact on my cashflow.

Some solid points here.Link Below Houston Business Journal- How the Chinese market crash could impact Houston investors.

That's going to impact the advice people will give you here.Where are you looking to invest if you do sell it, and are you certain you have no additional equity in your property?

There are lease terms that can and will potentially impact the direct financial obligations/benefits of the land owner, and you wouldn't want an appraiser to provide guidance on these matters.