I would say get the drawings, it's an additional layer of protection against cost increases on the construction side.  

You are the first to hear, in Las Vegas, that year over year increases hitting 20%, in Q4.Terry

I am a new investor with no rehab experience yet, but I would rather not have to fix up properties and instead leverage my debt for immediate cash flow.

But the temptation is to be aggressive with debt because it increases the returns to equity investors.  

For me, in my market, I'd take my $30k and go buy a $15k SFR, then use the rest for immediate improvements to tenant proof the home and unexpected expenses.

You want to value to increase from what you paid for it (plus what you put into it for renos).

For example, when the stock market has a major decline, do you immediately go buy more homes?

The idea is to ease her worry of future increases in her current rent situation by letting her pay what she can afford toward this new house and I would cover the rest.

Then you can rent it immediately while you live in one of the units.

There are still plenty of deals to be had in the Springs, but you will want to make sure to define exactly what you are looking for, having any financing lined up, and have an agent that can help you jump on opportunities immediately when they come available.