I also enjoy the occasional debate.

Lots of building going on, and lots of jobs. 

Based on the photos we wouldn't recommend a full paint job.

Just remember to consider the local job market, population growth, and rental demand when making your decision.

For residential mortgage, an LLC needs two years of its own tax returns or occasionally, a local credit union where you have an account will ok it.The bigger question is about your partnership.

My wife and I both have decent paying jobs, but after paying rent, vehicles, student loans, etc, there’s not much left over for saving, let alone 20% down.

If they can do the job for that price, you should hire them immediately!

New roof, siding, soffit, fascia, flooring upstair, repair fencing, yard work/landscaping, new flooring upstairs, new vanities, kitchen remodel, new paint job What was the outcome?

Consider emerging Sunbelt markets like Phoenix, Tampa, or parts of North Carolina (like Raleigh or Charlotte) that continue to see high migration and job growth, driving both appreciation and rental demand.

In other words, the cap rate becomes fairly meaningless upon transfer.Your job is to assess whether or not you can make a good profit after buying the asset at whatever the sale price is.