save them taxes by reducing or eliminating capital gain tax by spreading it over multiple yearsBottom line: they should either be neutral or BENEFIT from it.

But PAR is written so that it's more or less neutral to both sides (and favorable to the brokerage/salesperson).

This makes it a little easier.I have purchased a property that I projected at cash neutral at purchase but it had a good size value add (purchased at $390K, put in ~$50K, refinanced (with a poor appraisal so market was greater than the appraisal) at $544K. 

For the area, it's going to be towards the nicer rental end of the spectrum and I want a fairly neutral floor color/feel.

One thing you'll want to make sure: if you purchase the property would it at least be cash flow neutral/positive after you move out?

@Art MaydanThen it's neutral. 

There is no issue finding good tenants.I am neutral on on-going market appreciation. 

Neutral colored walls and white trim will make your photos pop and stand out from the other rental ads. 

Don't cut corners on due diligence.That being said, it's wise to use debt for a positively leveraged asset.It's not wise to use debt for neutral or negatively leveraged assets.The best use for a HELOC, is to accelerate the payoff of your mortgage via a rate arbitrage.Those are my thoughts...

In the second case, you would keep existing floor plan, make the paint very neutral, cost effective flooring, builder grade materials, etc.