It really rides the line of "normal wear and tear." 

Stand to make a good amount and market looks like peak. i've got good cashflow but not sure if I want to ride out the downturn like in 2008.Terry

Sometimes there is a disagreement as to what caused the loss (water damage in your case),  and in those cases you need to make sure to preserve everything so it can be examined by the engineers.In this case, I would equate your work to-date as putting a tarp on a leaking roof due to hail damage - you had to make these repairs to minimize expenses instead of potentially having to move your tenant into temporary housing, which would likely be much more costly. 

@Colin SmithMan it’s been a fun ride.

Rental rates may be down for a while but not difficult to ride out the storm provided there is adequate cash flow. 

You have to be actively looking and making strategic buys today....and then ride that wave.We always say to look at landlord friendly states which is NOT Seattle, Oregon, or San Francisco.....stay outta there.   

Obviously we don't know when the hot market is going to cool down but it makes me wonder should I sell take the equity and put that into other deals and try to maximize my cash on cash return or do I ride it out for the long haul and take the lower return on equity returns knowing that my tenant is continuing to pay down my mortgage each month even if appreciation slows.   

If you feel that one hits the mark Id let it ride another 30 days to see what happens.

REI can be a roller coaster ride for sure. 

I took off work to rehab the one, while the other had inherited tenants so I let it ride.