@Tim HuynhAll right, Tim, historically, this has been a matter of taste to some extent, but also a matter of quality.

The tenants will want to decorate it to their taste. 

If this is your first property, it's very hard to not let your taste and what you would want in your personal home to creep into the scope of work.

;-)  Whatever your taste buds prefer...Buy and hold investing is one of the more passive ways to invest in real estate, true, but it really depends on your goals. 

They're tastes were definitely more "upper class" than mine but it was fun being involved in their social circles for events and when hanging out. 

Just personal taste, but I tend to avoid projects that contain any more complexity than just tenants renting (AirBnB, Event Venues, Wineries, Restaurants, Nursing Homes, etc.). 

It tastes horrible

It doesn't cash flow a ton, but it was enough for us to get some skin in the game and get a taste of real estate.Lessons learned?

I would love to work with a contractor to rehabilitate properties before finding tenants for bigger profits and to leverage the investment, but trying to get an idea what it is like having a tenant and being a landlord first before I go any further.TL;DR: A newbie investor looking to acquire rental properties, but wondering if it is a good idea to purchase a property that is already priced close to ARV and does not need much work as a first rental property to get a taste of what it is like having a tenant and being a landlord before going any further.

People's tastes change-perhaps it is marketing-people used to like carpeted floors today they want vinyl plank.