The painting should be completed within three months of the move-in date, and the Lessor will inspect the work to confirm it meets these standards.”This implies that the LL gets to determine that the paint job meets his quality expectation.”Per the mutual agreement between the Lessor and the Tenant, the Lessor has agreed to reduce the monthly rent from $3,200 to $3,100, allowing the Tenant to repaint portions of the house at their own expense.”this is not as clear as it could be, but could be interpreted that the rent is $3200 if the tenant does not paint the areas that the LL specifies to the quality that meets the LL quality expectations. 

@Saul Clavijo make sure you understand you will be getting into Class C properties at those numbers.Food for though below, DM us to chat more about Detroit:--------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I expect the house will appreciate by $80-100K immediately after putting $45K in renovation.

Just make sure your expectations are there! 

Is that typical for insurance placements in that market or is this the high end you would expect for this property? 

A 1031 also adds complexity and timing pressure.Watch Out For:Opportunity Cost: Renovations tie up cash that could go toward other investments or reserves.MTR/STR Management: These models require more time and effort than LTR, even without a property manager.Market Risks: WA properties may appreciate slower than expected, and higher costs could reduce your margins.If cash flow is your priority, option 1 (renovate and STR/MTR) likely offers the highest upside.

I don’t expect they were trying to sell you something you don’t need.

And how much can I expect to spend on this process?

@Lydia T.

If a seller doesn't know where they are going, you aren't buying their house.Also, you are probably expecting to get somewhere on the first call.