This property had an expensive policy for vacant house and long renovation.   

., I would expect 25% down with (i believe) a 6 month expense reserve in "the bank". 

We chose to spend a non-trivial sum, something like 15 years of flood insurance premiums, to re-slope the drive way (the big expense) and lawn and build a levee near the house to keep water away.

For working with other contractors for more complex jobs, if the subcontractors are going to find quotes for you, you may require several quotes and decide which one to go.Anyway, no one cares about your property and your income vs expense better than you, delegate is a good way to develop your business, but supervision keeps it under control.

Besides the obvious benefits of buying like new (more depreciation, deferred CAP EX expenses) what are some others?

laminate is less expensive and is more durable  some  of the go to brands are allure http://www.homedepot.com/p/TrafficMASTER-Allure-6-...but I have used laminate from as low as $1.25 sq ft  

As far as the number of units it doesn't matter, you can get 4-plex after 4-plex as long as all your VA loans don't add up over $424,000, that it is increased in more expensive areas, over $700k in the Bay Area, Hawaii etc. 

The Parma area is more expensive than Old Brooklyn but also has higher rents and stable tenants without the overhead you can get in some of the more "glamorous" suburbs.I'm not nearly as experienced as some of the people on here but feel free to connect with me on here or when you come through.

Or hopefully the cash flow pre tax , is after all reported expenses have been taking into account.

Have I left anything out of the expenses?