I'm fine with doing some minor fixes and improvements to a property: Adding overhead lighting/fans, better flooring, maybe redoing a main bathroom.

Principal changing his name (sometimes just slightly) to walk away from previous recordIMO a light search, like Google, is a good FIRST STEP in vetting a deal.  

Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

Fund higher quality cosmetic / light rehab for durability and dignity for tenants.

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

All of the above and there are many discussions and mathematical gymnastics that are in these forums that prove it works and doesnt work in both ways...consider a first position heloc if you want to utilize velocity banking concepts for mortgage purposes.I got one with CMG mortgage (they call it the All in One Loan) and it put me in positive light. 

There is a company names Hemlane that offers that "light PM" service that may be interesting for you instead of a full blow PM company that may cost 7-10% of revenues.

Long-term wealth is it's superpower, and yes, you have a little cash flow to keep the lights on. 

., lighting, HVAC, or carpeting), they can claim a deduction for the remaining undepreciated value of those items.

I have some lights on what to do, but I would love to know opinions from others!