Late fees are not the best training tool anyway.  

A great success tool as an investor is to find a local REI group for networking and learning.

You will have to up a caliber on your hunt, where they charge you $50-60/hr and have working superintendents on the jobs, they work more on jobs like commercial state or more than your regular joe that has tools and truck.

So essentially you can rent it for 2+ years and then sell with no tax on cap gain. 

Now that you have the crew on field, don't forget to check tools available on BP to help you analyze flipping opportunities and be sure that the math behind a flip works before jumping on a deal!

I would recommend using the network tool on BP to reach out ot the rehab guys in that area and ask who they are using.

(F) Go "COMMANDO", don't use anything LOL - which is essentially the same thing if you make your tenant be responsible for that.

Certainly the funds are not available for other investments but also they are of course not actually spent either.I have essentially the same question about my due diligence costs.  

@James R.As I already stated I'll make these minor repairs for a tenant who is essentially problem free.  

But your chances of getting higher ROI on a cheaper replacement are greater.The 1031 as a tool can work to your advantage either way.