All other disbursements are project based (i.e. painting, kitchen remodel, bathroom remodels, etc).

Lets say it costs 1,500-2000+/unit to turn a property between marketing expenses, paint etc, lets call it $1,800/turn . 

He actually is finishing up painting my neighbor's house and did a great job. http://www.johnwolfdesigns.com

We go really cheap on some things, like paint,  towel/toilet paper holders, and go higher end on things like faucets.. as others have mentioned, it's an art and you have to find your balance.Also... so  many people forget-- this is someone's future home, this isn't a mutual fund/stock, so you need to focus on what things will make your tenants happy! 

New flooring, paint, and rent it out.

Personally, if no windows, electrical, plumbing or structural work is being done I would just get it done.....typically no permits are required for that but theusually are supposed to have “some kind” of license...here in PB county it’s not just the regulated contractors (gc’s, plumbing, electrical, ac, etc) but guys just doing painting, Sheetrock, etc. .....not that it happens all the time of course.

This would have covered paint and cleaning that you may or may not have needed.  

Lead paint and lead pipes are going to be probably your biggest worry.  

Since closing on our current residence we have basically updated everything (outside: deck, roof, paint, inside: paint, bathrooms, appliances, flooring, etc).

Next door squatter had piled up old siding, with old paint on it, and he was burning it in the chimney in the winter to stay warm.