You cannot depreciate any improvments on the property.  

Alternatively, I believe I can sell the condo and break even in five years, due to improvements in the neighborhood and paying down the principal during that time.  

I know most of you would tell me I should be pre qualifying leads before actually wasting my time to go to the property, but I wanted the experience of walking through houses, learning to build rapport and improve my sales skills.

Although I am not completely opposed to renovation I am looking for something a bit more turnkey which I can add value to through non structural improvements.

Then analyze potential areas of improvement after the dust clears.

We are aware of the permits, utilities, and drawings and such that needs to be done to make this happen and the approximate cost to make these improvements.  

I'd be willing to consider coverage for the improvements as they exist and not necessarily the replacement costs. 

The mortgage officer needs the estimate by the contractor that will perform the work once the loan is closed.  

I do out of state investing and am competent in understanding how to get financing, how to build a rehab team which consists of people on the ground that perform due diligence, contractors, realtors, wholesalers and stagers.  

maybe have them send you pictures of before and after to back up the work performed, I don't know too many people that don't have a cel phone.Use technology whenever possible