Our tenant has a suspicion that his neighbors are up at late hours because they are doing crystal meth and tweaking in through the night.

No crystal ball; just the perception that the white collar industries that drive demand for housing in our upscale areas (our niche) will continue to do well and that the desire for young families to move to the suburbs will remain a strong element of demand.   

The old guy & his friends made their own wine & grappa in the back enclave so I assume it was well used & flowed often.In one we did buy we found a large steam chest of very old silver tea sets & crystal under an enclosed staircase.

I'm with @John Weidner and @Crystal Smith - although we've done a couple lipstick rehabs (in Chicago that amounts to $40-50k +) they're very hard to find so most are gut rehabs. 

None of us has a crystal ball but we need to understand the exit and apply some science. 

I don’t think his crystal ball is telling him that he just needs to carry the loss across all these properties for 9 months - he’ll take what he can now, which suddenly includes long term tenants, furnished or otherwise.

But isn't it up to you to make him crystal clear as to what you do and don't know so you don't spend unnecessary money?

For a “FIXED amount” and also a late fee.This way you make it crystal clear for them that “what needs to be done”, in “what frame of time”, the reward “how much they will be paid for “ and also the potential penalty “how much they will lose for any day of unfinished job over the deadline.I think this is a fair and balance approach for both the contractor as well as the investor.

@Ryan Boren, I agree with @Crystal Smith.  

., you had a crystal ball :).