There's nobody to tell us what trees to cut, what colors are acceptable to paint the home, when to mow our lawn, what kind of vehicles can be parked in the driveway, where to place our garden hose and trash can, etc.

On my first rental, I was just out of college and totally in the dark as far as these expenses, I took into account taxes and insurance, but don't forget to save the market %s for vacancy, repairs, and capex.

Maybe the carpet is a different color where the sofa was.The existing tenant may not actually move out on the day they said they would.

@Justin Prevatte  if the OP has free and clear properties IE the 16 are all owned out right then yes that would work for sure .. subject to finding a lender that likes the collateral and will lend.Small seconds behind large first are just a NO NO in the lending worldfor the very simple reasons you stated.see threads on BP about those that have been doing gap funding on rehab projects and the borrower goes dark and they are fubared.. loss of the entire loan is most likely out come.UNLESS your a loan to own guy.. and if this OP failed you fine stepping in and taking over the whole maryann..

Offering different options as finishing material such as colors, flooring, cabinetry and etc. 

I would also recommend driving the area at night as what can seem like a not so bad street transforms after dark as the partying picks up and the students get  routey.  

My parents, who found it, say it could use another coat of paint on the walls to mask the old colors and hopefully the mild smoke.

You want something that everyone recognizes as normal.Back to the exterior: you want it to be in obviously good exterior condition and have a fresh coat of paint in a normal color scheme.

AP cases that involve color of title are unique in terms of how they are possessed.

Additionally, the rooms are small, narrow and dark.