Even if tenants pay base plus cam to landlord they generally do not have the funds to cover parking lot or roof right away and landlord has to pay upfront and collect cam over the years to make it up.If you want to fully update the center for new roof,re-coat and stripe parking lot, new paint and facade etc. it could run into the 6 figures for that or more depending on building size.There are companies that buy shares but they want a discount. 

I planned on doing the minor cosmetic fixes i know i can handle (sheet rock, paint, trim etc.) but my main focus is going to be managing the flip as a whole (contractors,scheduling) creating a system, and setting up the next deal.

Purchased a multiunit - 3bd/1ba & 1bd/baCost: $490,000Down payment: $200,000Renovation Budget: $70,000Mortgage: $2100/month - 30 yr fixed @ 4%Expenses: $190/Month (Utilities, upkeep, and administration) Rental Income: $4000/month ($2400 3bd/1ba & $1600 1bd/ba)Profit: $1600-$1710 a month depending on utility costsTo keep costs down my wife and I did as much work as we could, such as painting, installing kitchen cabinets, laminate flooring, light fixtures, etc.

Purchased 125k foreclosed. 3/2 1720 sq ft in Canton, ga. budget for repairs 25k (kitchen, baths, floors, paint both interior and exterior).

my perusing of the municipal codes looks like you needed to pressure wash a tile roof and paint the exteriors as the main things. 

It seems painting gets the highest rate of return for the cost involved.

Just to be clear capex is large repairs like a replacing a roof/painting the building/unit remodels etc.

There are paint drips on the floor, the tubs and the some furniture.  

They still did almost all of their own painting between tenants, their own PM etc....

Same applies for a clogged pipes, new paint, etc.