There are also places nearby that are scary now but improving. 

Good Morning BP,If you have a property that is financed using seller's financing, and you decide you will like to make improvements to the home what option would you take?  

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Did you hold it or did you turn a shovel to improve it.  

Instead of Vote vs not voting, I think an Up-vote vs Down-vote could vastly improve the quality of the exchanges being posted. 

So you have to find a property that is likely not so nice, and buy it for a "AS-IS" price, then make improvements and enjoy the reward.Curb appeal drives rental pricing; If an neighborhood rents for $1,400 normally, and you find a rundown home renting for $950. 9 out of 10 times, its renting cheap because the LL wont improve the property, and likely has non performing tenants in it... so you buy at a cashflow price on the $950 minus repairs, then rehab and rent it for $1,400.

It's for rent all the time, price reductions, a little improvements needed, etc.)

Started out with $3,000 and paid for the improvements over about two years with each paycheck.

My father has always been self employed and now has been into buying and selling mostly commercial property, improved and unimproved, fr about 45 years on his own and he has taught me a little bit.

Any investment in improvements would have been capitalized as basis and thus subject to depreciation recapture.It is not an all or nothing transaction however - you can do a partial exchange, but will owe tax on the amounts not reinvested.