If I am to understand your recommendations correctly, are you saying that making 10% improvements only matters if I intend to flip the property?

I understand the ordinary and necessary expenses after ready the BP book on tax strategies.

I'm also looking at Buffalo and since I'm not from Buffalo I'm trying to get a better understanding of the potential for different areas.

So if I understand this correctly, it’s possible a lender may not give a loan if the property is a “fixer upper”, but a way around this is to use a 203k streamline and make improvements to the property?

Perfectly understandable.

Loopnet is a good resource for some of the stuff out there to understand more.

Today's exam question is: What is your understanding of the "70% Rule"?

I understand the vacancy issue, and I may have  jumbled my train of thought, I don't foresee any repairs being needed because of all the work I put into it, but vacancy is a real concern.

He said, "Those that understand it, will live off of those that don't". 

And thanks for the tip about discount, that sounds enticing to the tenant for sure, even though they should just pay on time the full amount LOL.. but yes I understand it may be worth it to avoid headaches like I am in now.