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

First, start with where you are: Clean up or improve your credit, work on saving. 

Improve it, get the better rents and force appreciate it.  

If appraisal comes in $100k or higher, we intend to get bank financing and with the improved equity position, put no money down and move onto the next deal.  

You can't take cash out with it but you can make repairs & improvements.  

Now, we are landlords of that property with great tenants and slowly but surely improving values.The goal is to acquire our next property, hopefully a flip, at the end of the year.

The videography skills are improving, and are rescued some by the editing software.

The other major repairs are having 4 old forced air furnaces that since the house is winterized I can't verify are in working condition.

Your cap gains/loss disregards the depreciation when you sell, since it's recaptured at 25% separately, so you're calculating the loss gain off the$155k, plus capital improvements.  

@Wayne Brooks I was thinking of expenses like appliances, landscaping, other improvements that are not required to make the property ready but are added.On a related note, what if you cannot get a W9?