You also will want to keep track of repairs and minor costs which can be expensed rather than added to basis.Unless you're pretty comfortable and knowledgeable about the tax laws, you may want to look into hiring a CPA. 

I am looking for a referral in the Twin Cities (Minnesota) market for someone who is good with foundation repair.

I will start talking with someone on here, over email, phone, etc. and then we may not have a reason to speak again for a bit and I will then, many times, forget that I had wanted to touch base with that person again until way later.I work a lot, so things slip my brain pretty easily.

All repair parts and equipment to be included.

Also, after repairing the home and reaching a higher appraised value, are there any restrictions on a cash out refinance since all of the funds did not come from me? 

Brie- do you mean I should analyze the property to include market rent from all units, and also include vacancy, repairs, etc for the entire property (opposed to only the units we would be renting out)?

But have now torn out half of a rock lathe wall, will need to repair that, drywall is going to be tricky to patch in.   

Of course all the great members get many thanks as well for having answered questions and picked up the phone for me.

Conventional systems will typically cost less than $20,000, but if an Advantec or other specially designed system is needed costs can reach or exceed $30,000".See Cesspools and the Rhode Island Cesspool Act Frequently Asked Questions and The RI Cesspool Act Goes into Effect 1/1/16: What Buyers & Sellers Need to Know (from which the quote above was taken).You will want to check with your mortgage broker, however, with whether the bank will have a problem with a repair credit that large.

They are older and will need repairs in the future.My plan would be as follows:Purchase for $200,000 with 5% down so I would be into it for $10,000.I am asking that the owner hold financing for 5-7 years at 6.5% while I save the monies, improve the properties.