With the next tenant, don't make it an option for them to maintain the lawn, hire someone to do it and budget that into the rent. 

Why not post your budget spreadsheet for us to look at?

The rehab budgets are held in escrow and allow you to make draws after work is completed.

I want to do the inspection because I am afraid there is something in the electrical, plumbing or roof that may cost me way more than my budget.  

When we have investors approach us about a purchasing a condo as an investment, we steer them towards a townhome, preferably with a pool, if their budget permits.

Anything that exceeds the current budget becomes a special assessment split between all the owners of the property.  

You can also reach out to people coming to the area on FF and see when they want to come to the area and their budget. 

B grade property walks are attended by my children to run around and tell me which bedrooms they would pick if it was their home.43605, 43608, 43609 are the popular zipcodes for bottom-budget value purchases...I manage a ton in these areas and my personal portfolio contained over 40 43608 properties at the peak. 20% of these properties will be crazy money earners, 20% will be astounding money pits, and 60% will fare average.I have evolved into the nicer 43612/43613 for my personal portfolio and find the properties earn consistently and far smoother than my 43608 houses. ($80k renting for $1200 vs $40k renting for $800 multiplied by the ratio above vs boring consistency of the nicer area) Oh and I have zero excitement for apartments.

You could probably afford $20,000 without much impact on your budget.

With this type of structure, as soon as you are done with the work completed, you submit the budget for the purpose of rationalizing the massive increase in value in a short period of time rather than leveraging it in an LTC calculation that will cap your cash out proceeds.