I figure never sell the cow when you can get the milk for free)

Walls can be patched and skimmed to make them look new without gutting a room. 8.

Actually, the way you describe SubTo can be called "equity skimming".

I haven't bought a deal or anything I'm still saving up, I'm at 25k I'll hopefully be ready to buy in the next three years, otherwise the city I'm buying in is Barrie which is generally a great appreciation market, I've got two brothers Chris owns two rental properties and Ryan just bought his first partnering up with my brother chrises second deal, so I might partner up for my first deal I don't know yet tho depends on what my brothers want to do.when shopping properties I do remember from the book you shouldn't buy properties based off cap rates but im wondering at the beginning do you first skim this information say the property is listed at a 6% cap rates which is common in the Barrie market would I then would go walk the property and see if things are viably ok, once I believe it's resdy for a professional inspection I'll get information about deferred maintenances mainly capex based off what I need to repier I'll be walking the property with the professional and I guess he'll give me a rough cost of How much everything that is needed and when I need to get the work done due dates, also I don't know how to calculate how much I should set aside in monthly terms after I get the required information from the inspector I'll be doing this for the first time, if the pure cash flow is incheck  I believe usually NOI is usually around 60% including appreciation and mortgage income andone going deferred maintenances around 35-40%, now I'm ready to make an offer?

Equity skimming requires an INTENT to defraud.  

A landlord should "milk" everything out of a roof, furnace, etc.

I only give to charities that really have value, and are not skimming most of the money for admin.Time is still the most valuable thing most of us have, so spend it wisely. 

They look for something called "equity skimming".

Code § 1709–2 - or commits Equity skimming;, which leads to wire fraud 18 U.S. 

Sounds like maybe equity skimming?