There's no rule but I'm imagining you'd want to cover a month's worth of expenses if left vacant in January.

Look at the 50% Rule cash flow.  

I understand it will depend on the condition of the house but is there a general rule for that? 

I’ve had them go to auction less than a week before closing.But, I’ve also had banks pay off $10,000 property tax assessments for neighborhood improvements, just by asking.

I like to look at home improvement and home builder stocks for a sign.

with the existing condition or more cosmetic improvements.

Heat is but a/c is notFollow the rules exactly as required in the property code before taking any action Send a certified letter requesting repairs and demand they be completed in 7 daysIf they are not completed, you can make the repairs and deduct from the rent or move to terminate the lease

There are additional rules for holding it less than 5 years (100% deferred gain recognition), 5-7 years (90% deferred gain recognition), and > 7 years (85% deferred gain recognition).- Any depreciation taken on the investment in the OZ is permanently saved and NOT recaptured if held for 10+ years.

I plan to improve and stabilize it, increase rents, get some cash flow, then sell for a little profit in a year or so if the market supports it

There are rules."