Varying grades and material thickness.

If you have to restore with only certain materials or methods, that may increase the amount of coverage you will need.2.

It would have been the buyers choice on how to access the problem and it it an undisclosed material fact possible hurting the value of the property.

I get that these places have an old school style, but can't you recreate that with modern clean looking materials. 

They are just disguised in shiny offering materials and silver tongues.

Including labor and materials.

I've tried several ways of handling this, but the most successful strategy I've found is to have the tenants submit a paint swatch, and once you've approved it, you can hire painters (or paint yourself) to paint it that color, while charging the tenants for time + material.

Costs about $1.50/sf INSTALLED (materials and labor). 

@Matt Fore Yes it does have to be capital gain although there is some language that just references "gains" so we are waiting on additional guidance as to whether ordinary gains would qualify.I think the reason capital gains need to be invested into the funds instead of straight cash is that by recognizing a capital gain you are selling something which promotes economic activity (selling stocks, businesses, real estate, etc.)

Also they'd know the type of material and workmanship.