Local investors can now get additional discounts by moving up the food chain and buying as notes and, on mortgages secured by vacant properties, utilizing the preREO strategy to generate revenue during foreclosure process.

Have a garden for food or flowers.

Real estate is a long game :)Food for thought, especially with a family. 

In general, I would say Kitchen, Bathrooms and any deferred maintenance should be your focused items. 

The best defense against rats entering your property is to seal off all entry points (holes, cracks in walls), remove food sources (dirty dishes, food left in trash cans), and water sources (like leaks). 

Also, how old are your capex items? 

Roads, water, sewer, gas, electric, etc..I'm also here for any discussion on any other items that might be of note, trying to learn as much as possible on this front.

A PMC is great to use not only for all these items but also really being a trusted source for vendors too etc. 

This is true for bonus depreciation items as well.  

Unless the item is a total fabrication.