You're only supposed to expense maintenance issues like snaking drains, replacing lightbulbs, etc.

I bought it for $330K and will put $90K worth or rehab on hard money as well ($95K now since a furnace needs to be replaced...

With the surrounds, I've had one that was installed new and after a couple of years, it had to be reattached....the original one was replaced because it was coming off as well.I think look at the total cost including install, buy a quality one that will last (not the cheapest and not the most expensive) and have it installed properly. 

Tenants in place, can keep or replace, pretty turnkey. 

With 1.2 you may have to opt for a bridge lender, provided there is value-add component that can push your DSCR higher.Of course, initial DSCR is inversely proportional to your purchase price: the higher the price, the lower is initial DSCR that is based on the current income.

Also, depending how you construct the replacement building you could greatly lower the cost of the flood insurance (elevation of lowest floor vs flood elevation,...).  

It doesn't mean you shouldn't buy a property with galvanized pipes, but understand that they may need to be replaced at some point and the cost implications involved. 

We also replaced the roofing for most of the units, cleaned up the properties, replaced windows throughout, and did repairs in several apartments.PHASE 2 (underway): We will either slowly or quickly be doing total gut remodels on and furnish the remaining 5 units.

You may wish to maximize contribution to a Solo401k first because you can elect to have a Roth component as part of your Solo401k.

But, by buying first you can often mitigate the ticking time bomb of having to identify a replacement property within 45 days.