In fact, if the tenant is spending their money paying the old owner, how much do you think will be left for you. 

However, would most consider the $116k personal income and have a bank account where it all flows into for spending however you see fit, be it reinvesting, personal travel, etc... or would you consider it business revenue and take a salary?

Prospecting is how you will spend the majority of your time wether it is for buyers or sellers.

I have given up with mailings, and I am spending less and less time cold calling because most numbers I find for decision makers are not correct. 

That way once you are in the city you spend less time searching for properties and actually looking at them.

I do think it is better to keep the property I have since its a buyers market here in LA right now and I would sell very well but then would have to spend all that in getting my next house. 

I don't know to what level you will finish the apartment, but I would budget more money - another $5k at least.

But on a $50K property it’s hard to justify spending the capital to separately meter.

Maybe we can spend a moment and chat and you could advise me as to your expertise   Davide. 

The costs to hire a structural engineer and then remediate the problem was far greater than I was willing to spend for a buy and hold.