Purchase price: $290,000 Cash invested: $60,000 Single family residence in an extremely fast growing community.

@Brandon JusticeIt sounds like you have a good business plan to move it forward into cash flow positive.  

Although I prefer multi-family because it cash flows better.

Just a thought.Depends on if you have cash reserves to cover the pipe replacement now; if not, you could save a certain amount each month to put towards eventual replacement.I guess you just have to decide if you want to pay to have the pipes replaced now, or at an unexpected time in the future. 

My goal is to at least have positive cash flow while I build equity in the investment property.Has anyone successfully purchased a buy & hold with this strategy?

Keep saving as much as you can.

And then while it’s in the process you provide your QI will all the cash needed to finance the property.

Or can swap all outlets to GFI and save the mapping time/effort.  

I wouldn't be selling in this market personally, so if you don't sell the SFR and you really want to do this, a DSCR cash out refinance on the triplex, or a hard money 2nd is your only option to get the liquidity needed to make this move.

Hopefully these questions make sense, and I'm open to suggestions on more tax savings, thanks!