When to Start Budgeting for Cap Ex

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I just bought my first single family house that I intend to fix up and make into a rental property. The roof is only 4 years old and I will be putting pretty significant repairs into the rest of the house. My investing partner does not think we need to budget for Cap Ex yet because we are making a lot of heavy repairs from the start and she wants that extra cash flow to roll into future properties. Is she right, or should you always budget for Cap Ex no matter how new everything is?