Never took depreciation or upkeep/capital improvement expenses on schedule E but always claimed full rent income.

@Greg Todrank I'm not trying to harp on you, but I do want to stress the importance of improving your processes.

The bank agreed but they are both under the current mortgage.I improved Lot 2 (The home and it's lot) enough to appraise for enough to cover the loan.

It's by Max Maxwell, a top YouTuber on wholesaling.

I have a bunch of equity built up in a couple of small multi-family properties and I would like to take cash out to do two things: (1) force appreciation by making improvements to currently owned properties, and (2) purchase additional rentals.

Since the home cannot be rented for a year it allowed the year for improvements to drive up rental income.

Hi @Kenny Colato, You might want to read and watch the youtube video about beginners for BRRR https://www.google.com/amp/s/w... 

Seller added the following revision for an AS IS sale:"Buyer hereby represents that he has personally inspected and examined the above referenced premises and all improvements thereon.

That said,  I wouldn't contact a lawyer to get a purchase contract, if you have a realtor friend, ask them for a blank one, or any wholesaler on here ask them , I think Brent Daniels (TTP on youtube) has them for free on his website.  

There are lots of great resources on this forum, youtube, and podcasts that can help you get started.