With real estate and real more like inventory real estate slow, my budget for bourbon has dropped.  

Eliminate debt, establish a budget, and save.

Do both of yourselves a favor and give it a long lead time, that way they can come to terms with the new rent and make adjustments to their budget, and if they are moving out, you both have time to get your ducks in a row (you to try to do a fast turnaround on the rental) and them to find an appropriate new home. 

If the seller is offering zero compensation, that property could be out of budget from inception or drastically reduce the seller's potential buying pool as initially it might appear out of the buyer's budget or feasibility if required to compensate their side directly. 

When analyzing new deals absolutely you need to budget for all 3 in your calculations.

That is how I got started.I also encourage you to listen to the Thanks for Visiting podcast because they are in your city.I hired an online interior designer and gave a per-square-foot budget.

Regardless of where you live, buy the property that you want to own the most 10 years from now (within your budget - none of us have unlimited funds). 

This allows the tenant to budget for the bill and not worry about what the other tenant is doing.

Does the rehab budget include everything needed to meet that ARV plus a 10% contingency?  

I'm in the Richmond area, and this area is out of my budget as a new investor.