Any business no matter how structured can write off almost any legitimate expense.

I'm the guy who's coming up with loan structures and terms for each building while my partner goes and execute it.

I believe the conclusion is that I do not have to update the stairs as per current code unless I am making any structural changes to the property as part of renovation.

I structured the question understanding the, "no cash flow-no deal" opinions will definitely prevail but does $150 a month cash flow limitation really cancel the deal in your opinion?  

We also do not mind doing structural work if you got a real dog.PM me and I will get you my email.

All that said, I'd like to find out what other risks there would be in a transaction like this, and if there might be other ways to structure it.  

It's great preparation for when you do start investing in your own physical properties.

. :-)  You also may want to consider joining a company that has a real estate team structure. 

I have a lot of experience in evaluating homes and the many problems they can have.While I don't mind evaluating home structural component problem I am no longer into fix and flip (on a regular bases) because I don't want to deal with subcontractors or have my own crews to manage (unless I learn to speak Spanish) to rehab houses--I'm bored with that.  

No financing required for these ( if you structure the wholesale deal correctly, upfront,  with the seller knowing).