Don't let the idea that replacing carpet and repainting a unit are Capex, you will do it far more often than the IRS definition. you need to budget these cost on an annual basis and set aside reserves so that while you may not actually spend that each year, over the long term they add up.

I am looking for carpet,vinyl installer, hvac to run a duct to the bathroom and inspect/replace furnaces if needed.

This property is pretty much ready to go (very close to turn key) the wood floors need polyurethane or carpet, roof is metal it needs to be painted and the grass needs to be cut and bushes trimmed.

The 2% rule seems to be intended to protect against long term expenses (carpet, painting, roof, etc) but if the cost of the home is so much larger than the upkeep expenses it should instead get back to a cost per square foot to maintain-- Example 2000sq ft * $3/yr = $6k/yr for maintenance seems much more reasonable then needing to go achieve the $18k/month route to suggest cashflow.

I purchased the property with all new tile & carpet flooring, paint, windows, doors, kitchen appliances, granite counter tops in kitchen & bathroom, and fully furnished (some furnishing is outdated).

Like a good carpet guy, granite, roof, windows. etc. but a good handyman, carpenter or general contractor is tough.My best advice for land lording is 1) screen your tenants very well2) Be fair but Firm. excuses don't count rent must be paid.I have been to Charlie Parish's group.

I have a couple of properties that need minor work with fresh paint and carpet.  

@John Jacksonand I are good friends.He lives in Texas and has mastered lease option assignments in TX, not easy in TX.In 2002 he and I became friends, and I trained him on the basics of cooperative assignments, where you enter into a lease and an option with the seller as a principal, not as an agent but a principal.You then assign the deal for a fee of generally 3 to 5%.In the example above for $100Kthey owe $95,000If they listed for a $100K, sellers would have to pay the cost to sell, which include the following:– commissions 3 to 6%– closing costs 2%– sellers concessions 3 to 6%– vacancy costs we have to pay the PITI while is being sold, let’s say $1000×4 months, and this includes electric , heat, watering lawns, garbge, and so forth– spruce up costs, such as painting a wall or replacing a carpet, or fixing a fence.Many sellers don’t have a lot of cash in the bank, and they don’t want to get more debt on a credit card fix up their house and they can sell it.So this particular seller would probably pay 10% to 15% of the value of the property to sell with an agent quickly.

Stuffed the carpet into the trash can and still almost had an asthma attack from the odor.  

The interior needs minor touch up as well as paint and new carpet in the upstairs.My contractor did a walk through and estimated the repairs total 60k.