@Ruchi Patel if the walls need repair from damage, like painter will itemize special primer or cleaner so crayons don’t bleed through, then my understanding is you can charge them for that part of the job, but only if it’s an additional charge above the normal paint job fee.

They will often ask for the following: Itemized construction budget Corporate Docs (if an LLC) Evidence of cash available

Depending on your tax situation the timing of that deduction could make a big difference especially for rental property because there's no phaseout on deductions like there is for itemized deductions for your primary residence.

Again, not to say there can't be bigger issues, but I have had more issues with the quality of construction in modern updates than I have ever had in the original items.  

Damage is anything that is more frequent that typical life cycle, and/or associated with improper use of an item. 

Also, in these lower price points, contingent items will have a greater impact on the margins.  

If it isn’t a local code item then I’d be inclined to not worry.

Personally I would hire an onsite person for some handyman tasks but I would stay away from them handling money related items.

When they do that, they have the ability to sway from normal Fannie Mae and Freddie Mac requirements which require a certain number of years of employment and a multitude of other items. 

If you are negative $500/month just counting piti, it is my belief buying this will turn you off of RE likely at the first large cap ex item maybe at the first tenant flip.