@Bruce Palomarez, when the keys were turned over to me one of the units was vacant, so I quickly redid some of the dated fixtures in the kitchen/bathroom (cabinets and appliances). Ripped out the old carpet and put down fake hardwood vinyl, and repainted.
At the same time I owner-occupied the other unit, which I received access to 1 month early (60 days notice is standard).
I'm currently living in the building, and moved new tenants in downstairs (effectively doubling the rent of that unit).
Doing renovations in the space I'm living in is feeling daunting, and I need a break, so I'm just dealing with the old-everything while I recoup some $'s and wait to see what my CPA comes up with for tax season...
Honestly, outside of some stupid problems with an incompetent GC, the biggest issue for me has been the insurance company (AAA), because they decided to cancel my insurance after inspecting the property during the holidays. I wouldn't have purchased this place if I'd known the insurance companies wanted so much work to be done immediately. I intended to do progressive maintenance on a longer timeline.
They were pretty uncommunicative through this whole process, Sending me a 60 days cancellation notice saying "all 4 major systems must be updated", but every time I called them I got a different agent, and no attempts to work with me to extend my policy/not cancel so I could deal with these issues. Finally, my policy was cancelled and I was without insurance, at which point the mortgage company was saying they were going to insure me for an arm and a leg.
I finally got in touch with the agent who sold me the policy, and she reinstated my policy and is giving me more time to work through these issues.
They are asking me to get a new roof immediately, but I'm going to get another inspector to give a second opinion. Additionally they're making me upgrade the electrical from the street to be 100 amps per unit (these 1brs are small, have 60 amps, and definitely don't need 100). They also threw out the concept of making me completely replace all the water pipes in the house, and also the electrical. I did some major upgrades to electrical so that the old knob and tube fuses are gone, replaced instead with circuit breakers.