@Keith Belzner the method of putting plastic sheeting behind the cement board is acceptable by most codes.  

That method sounds pretty expensive.

Tax return is a good method.

@Jenifer Levini and @Dana ReganJenifer, I am about as far from a lawyer as on could be so I will walk lightly with my response and take criticism with alacrity.I have read where putting money in one LLC, and then lending to a different LLC is a method of asset protection. 

As Will mentioned you will also get tax shields, amortization, and appreciation and need to consider these factors in addition to the cash flow the project will throw off.There are many exotic methods to make money off of properties with thinner spreads too.

The idea is that the LTV you get on refinance is higher (more like 95% compared to 80%) so you refinance after you purchase.Anyone use this method?

What repair/replacement method provides the best value?

Darryl, the Donalds are entertaining and insightful however, odds are you will never play in the arenas of which he speaks.You will be best served by reading practical down to earth nuts and bolts methods of doing the street level deals long before you building Luxury highrise buildings across the globe.I like Don but his books really won't help the small investor much, other than motivating you to think very BIG!

I will leave out cold calling, DVM and cold messaging as those methods are under heavy fire and require a lot of leads to get deals but some people are experiencing success with these avenues and realtors have been cold calling since the beginning and all the top agents prospect (cold call) daily or they have a team that does this for them.Bottom line this is a business that requires consistency, a team, leadership, systems and constant honest analysis of the data and numbers to make rational decisions. 

Check with your agent to see if the Insurance company has an accepted method of calculating the ACV of the building