These are the top things we change:Add a bathroom if you can near existing plumbing. i.e. add a Master Bath if a wall is shared with the hall bath.Update the kitchen: cabinets, fixtures, appliancesUpdate bathrooms: cabinets, tile, toilet, bathtub/shower if neededPut in pergo or wood floorspaint everything inside and outchange any non-modern light fixtures and fans.Don't pick fancy and expensive stuff - you start to get into personal tastes.

. - they did plumbing, electrical, demo interior, installed duct work, new sheetrock and sub floor,  kitchen and bath cabinet, counter, sinks, tubs, toilets, tile work, and new windows throughout.- additionally, he purchased light fixures- interior doors- and appliance packages for each unit which are all sitting in storage now.- since he did not do the roof, there is now water damage from the leaky roof, to some of the new sheetrock and sub floor.Here is where we have gotten so far:**read a bunch of info on NOI, Pro forma, CAP, and looked at other delapated multi family buildings that have sold in the area. 

Septic tanks work great when you control what goes into them, not so well when you have no idea what your tenants are flushing down the drains and toilets - grease, wipes, etc.

I'm pretty sure they put a toilet out there today after I took this picture.  

@Jeremiah HilliardIf you're dealing with the "tenants and toilets terror" for no cash flow (not sure I understand no cash flow given the equity position and interest rate, but..), I'd dump it and move to greener pastures. 

I got a deal on it because it needs a lot of cosmetic repair and isn't the most functional house (the previous owners didn't live here, and for reasons I still don't understand, removed the kitchen and remodeled the bathrooms, but left showers, vanities and mirrors out (just new tile, paint, and a toilet in each bathroom.

It seems like you got one good lead from them that panned out and decided to file form 1065 immediately thereafter.  

You can receive $1000 a month with your $100k and you'll have no toilets, tenants or trouble with properties.  

I was actually on vacation and out of town for the 1st week of work(thank goodness everything went ok).Demo has been completed, all the old carpet, vinyl, cabinets, paneling in den, toilets and vanities were torn out and filled up a 30 yard dumpster.I have never seen this before but in all the upstairs bedrooms the HVAC vents were in the middle of the room(ceiling).  

If you tear down make sure WSSC does a toilet count on the existing home prior to demo, this can save many thousands when you apply for the new water service.