The annual rent increase is limited to 3.5% a year, however this year, we've spent about 35k in new siding for the building, a new floor for her apartment, a new fan, new stove and hood. 

Assets identified in this study include:Appliances: Dishwashers, laundry machines and refrigeratorsElectrical and communication systems: Specialized equipmentCabinetry, Countertops and shelvingInterior Finishes: Laminate flooring, carpet, and decorative elements.Security and communication systems: computer connections, alarm systems and telephone connections60.8% of the total depreciable basis was classified as 39-year class life.

Also, pricelabs does not include cleaning.  

There will end up being 4600 sq ft of floor space for all buildings combined.

Sheetrock crew comes in next....think they clean up after all the other trades and throw away all the trash? 

The wholetail is a smart play, but you should be cleaning the place thoroughly and doing no repairs and then presenting an honest proforma with rents and expenses estimated so investors have a PDF to look through.

We are concerned that the smoking/smell will turn off prospects as well as the extra cost of cleaning up areas after smokers move out.The building is in Illinois. 

Or just clean up the loans to get them into a single loan?

However, during my time there, my landlord was living happily near the beach with a big home, a new BMW, and a 36-unit apartment building (3 floors, 12 units per floor).

We both have high W-2 income and own all our properties clean and clear.