@Kevin Martin: I think if you add a few decorative columns, that might help a little.

The key for me will be finding:a) Sellers who need to dump a property that needs lipstick, but is fundamentally solidb) someone to carry the short-term loan with very low down payment (sub-20%, non-owner, first mortgage, likely with a higher interest rate) based on the facts that I have bought it below market, and I will immediately be increasing the property value when I am handed the keys.I am going to look into people who are inheriting a home that was last decorated by their grandmother in 1950, and people who are incapable of screening bad tenants and just finished their third eviction this year :)

She likes adding value by updating, decorating and landscaping, so possibly a more entry level flip (paint, floor coverings, landscaping, and appliances) might also be an option...

I went with my signature look of wood plank ceramic tile in the entire lower level except for the guest bathroom, which received a beige tile on sale at Floor & Decor.

Yeah after decorating we took pictures and went live.

now, the HOA should also have (sometimes really hidden in the papers or completely forgotten and never distributed to owners) a Minimum sound reduction index per building/multifamily.you need to beat that.what's next depends if the builder managed to secure/nail the plywood sub-floor into the joists and NOT INTO THIN AIR...so you may need 6mm cork glued, some whisperquiet/sound barrier (3-6 mm) , then you wood floor/laminate. some laminates comes with pad included.... also may need to adjust you doors/threshold and live enough space at walls for material to expand.short version: find the minimum requirements for the sound index for flooring, choose your material colors, go to the floor store in your area (floor and decor, century tile, lumber liquidators, menards, home depot, etc etc) and check with a knowledgeable associate. if not you need to talk with a contractor working in your area...tip: get to talk with your building engineer/maintenance people. they inspect the work so they/him should know what works and what not, and (key) where you can buy it quicker/cheaper!!!

Throughout the process he continued to go over budget and we tried to help with giving him some allotments early and signing over a 3K decorating budget which was for painting, something i planned to do. 

We close them off and tell the tenants that they are decorative only and may burn candles there if they wish.

If your supplier is out of your preferred tile, last thing you need to be doing is scrambling to find an alternative that will go with your decor.

Jonathan Johnson , I think you could use some serious help from a more experienced investor who understands what to look for in a deal like this.You should consider finding a partner or selling this opportunity to them for a nice profit.There is no reason for you to see the apts unless you have a contractor with you who can show you all the numerous problems your inexperienced eyes may and probably are missing and exactly how much it will cost to repair the damage and decorate the property to modern standards.You are very lucky to have a potential seller with a fully paid off property because there is no bank loan to satisfy.You will be able to get a better price if they know they get to keep all the money and not pay off loans and real estate commissions.