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

A group will rent it for the summer (just shy of 3 months) and I need to adapt the rules for their stay.  

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 would just follow David Greene's method in his book on the topic: https://www.amazon.com/Buy-Rehab-Rent-Refinance-Repeat/dp/B0...Or could you check out my video on the topic which in my biased opinion is pretty good: