Either way far more cost effective than hiring a VA to skip trace which I did a few times and burned a hole in my wallet.

I would charge the tenant as it sounds like more than what might be considered normal holes in the walls.

Be sure understand the reason for it, so you're not digging yourself into a deep hole here.Lastly, remember that cap rate is a measure of the local market.

Quote from @Jay Hinrichs:  Now given the situation of NO equity right now to negative equity it seems throwing in more cash would be digging a deeper hole and how is it realistic that these props will go up not only what they are under water today but the added capital JUST to get your capital back forget about any return.

When you find yourself in a hole, stop digging.

Most likely once you cut open a hole in your sheetrock you will se the 2x4 wall framing, and more sheetrock, which should be doubled 5/8" fire rated sheet rock.  

If we do 10 to 12 builds this year, we're saving about 10k to 15k on lot clearing, another 3k or 4k on the footers and piers, and now we're doing our own septics which we use it to dig a hole for the septic and to do the drain line trenches. 

Because if the mechanicals need protection from the locals, the renters must feel the need for protection from them also.Just my 2 cents. the issue with dogs is the windows are removed and the metal window coverings have holes in them to allow circulation. so in the winter in Chicago its freezing in those houses so they have to use portable lights and portable heaters to work inside.. its truly a shame that its come to this for rehabbers and builders..

You had better be on call 24/7 as your tenants will likely rarely sleep and will be digging holes in the walls looking for FBI cameras and copper wire to sell!     

And I think one of the WORST ways to go it is "find an agent who also invests" because there going to pump JUST what they do as being "the way", because it's what they do, so now your pigeon holing yourself to "A" persons personal preference.