The proper way is as you said write down your capex expenses and lifetimes and amoritize it down to a month.

Many Renovation Builders Risk policies will only write Actual Cash Value for the existing structure.Lastly, policies differ on what is covered (called Perils in the industy). 

Using the BRRRR method and 1031 tax deferment strategies are a great way to build your portfolio. 

If you have a rental that is in super high demand then you definitely don't need them because it will rent out regardless.I'm sure I missed something but that is just off the top of my head.

Unfortunately 24/25th are booked for me, unless I start now working on how to get myself out of it. 23rd works better for me, then the week's craziness is done and I take my mind off that.

However, if you pay all cash, some lenders will allow you to do a cash out refinance based off of the purchase price immediately after closing with no seasoning requirements.

Upon termination of LSI, they are now charging me  CANCELLATION FEES which are equal to the regular monthly Prop Mgmt fees (8%)  for the remainder off EACH lease. 

A simple Bi-Weekly with added payments can pay off a mortgage in 10-12 years.This strategy allows you to pay more at your own pace having a failsafe unlike a 15 year where you are obligated to pay more every month.

Don't go off the deep end and get into something that is way over the top in need of repair!  

If you do not own a primary I would suggest buying a primary and getting a 2-4 unit to start off with a multi door cash flow.If you buy a primary you do not need a PML you can get 100% financing under a few programs or a DPA.