We need to do all those updates first, replace floors, neutral paint colors, landscaping and a new fence to maximize rent.

In this price range, I would recommend installing hardwoods and painting (use neutral grey tones) even without seeing the property, assuming the property is in good condition without major systemic problems.  

Give the Tenant written notice demanding they remedy the odor immediately by hiring a professional cleaning company to treat the property and see if they can neutralize it.

Escrow: Escrow or escrow services are services provided by a company that acts as a neutral, third party, for handling documents and money that are required to be traded or transacted for the land to shift ownership or change hands from one party to another.

@Nathan Trotter - If it rents for 2x, then after expenses it probably is cash flow neutral.

I am looking for a beige/neutral color, and its something that I would like to use throughout all of my rentals.

I guess I started off on the wrong foot here even though I have been a member for awhile.Looks like I have some work to do to get my karma ranking up to neutral. :)

I'm neutral.  

Now, let's say you own 10 properties that are each cashflow neutral--the incoming rent is exactly the same as the outgoing costs of operation--you don't make or lose a penny on them each month in terms of cashflow. 

A pass-through entity is tax neutral which means that the profit from your flipping activity will be unaffected by the presence or absence of the pass-through entity.