Parts of the exterior need some paint as well as the interior, the yard needs some work, the kitchen needs new floors and new cabinet doors, etc. ( I have yet to visit the property in person but this is what I could gather from the pictures).

may need to update1st Floor Front Door needs replacement Kitchen Tile Flooring Appliances new Sink, cabinets etc Recessed lights Bathroom Update flooring, vanity, toilet Fix ceiling in family room Flooring in family room (engineered hardwood flooring) New electrical panel (200A) New back door to kitchenOutside Roof has shingles missing from the weater either replace or repair.

I just bought a new property and, in talking to my landlord friends, have found that most of them don't provide any of these.Installing a dishwasher in my new property would mean:1) cutting out some of the cabinets (it's a 1951 house, so the kitchen is already small, with limited cabinet space) or2) get a portable one that the tenant could connect to the sink when neededThe washer and dryer would be easy to put in, but the hookups are also positioned where it would be easy for a tenant to get them themselves (directly by outside door) without danger of tearing up the floors.I want to be able to charge fairly high rents for the property, and preferably rent to a family (it's in a hot neighborhood and has an absolutely gorgeous and huge backyard, which is rare).

-Roof - roof has a leak -Tons of water damage - mold is horrible in the basement- Walls are all beat up with holes everywhere( looks like their was a royal rumble in the house) - Kitchen ceiling is cut open- bathroom shower wall is ripped open and ceiling of shower is cracking- windows are leaking - kitchen floor is buckled up from water damage- Both upper and lower deck are in horrible condition( i was honestly afraid to walk on it) - Outside molding around windows is cracked and damaged- all outside lights are broken- carpets every single one is ruined- Bathroom sink is shot- Kitchen cabinets all have water damage- And again ill say their is a big mold problem so i have no idea how much that will cost.The condo has 6 rooms , 2 bed rooms , 2 full baths , 1 half bath 1280 sq ft.

did not read all the replies, but if you were close in the area, i'd say "you backed out too soon". since you are far away and the seller/BP member clearly knew that, you are correct to feel uneasy. note to the seller/BP member - dont advertise as "turn key" if stuff still needs to be done to the house. turn key in most peoples minds means "i unlock the door and put my toothbrush in the medicine cabinet.

Inside needs paint, flooring, paint the cabinets (real wood!)

I also have a large detached shop/garage I use exclusively for Rehab business (repairing cabinets and storing materials and tools). 

Break ins- While you are waiting to rent the house I would tell you to take the faces off the new cabinets, and take all the appliances out and make friends with the neighbors.  

You're still going to have management (figure 10%), vacancy (figure 8%), repairs (everything on the inside will account for the majority of repairs anyway), capital reserves (this will be lower but you still have water heater, hvac, cabinets and other high ticket items that depreciate), property taxes, and some insurance (you will need liability and contents insurance.....the COA policy will generally only include the drywall out).  

Then I discovered Chief Architect which is nice as a lot of things I'd spend a lot of time making (like cabinets) only take a few clicks in this software.That said, this software is much more expensive.