In my opinion - use the paint to cover blemishes and hide ugly, outdated wood (like red oak), just don't layer it on til it looks like a wedding cake.

My main contractor wants me to rip out and replace all the doors (8 of them) and surrounding trim, as well as take out the crown molding and baseboards which are very old, outdated and caked with layers of paint.

That Hemet 'hood took the cake.

Don't fall into the trap of thinking you can lower expenses and raise rents with self managing to make the numbers look appealing to justify buying at a certain price.Of course you want to plan on increasing yield but if doesn't turn out like you want it should cash flow from day one.Those upsides to the property should be the icing on top of the cake and not the cake.  

Obviously you can't have your cake and eat it too...but I want to get pretty close lol.

For us in Chicago with section 8 units..if a tenant cakes her stove with grease and unit stops working it is on the owner to address and owner will fail CHA inspections.5.

If you found a loan that would allow you to do both, as I have for my property, you would be able to have your cake and eat it too. 

Sometimes its completley impossible and sometimes its a piece of cake.

FCI in Anaheim Hills has a great exchange.

Risk adjusted return: Return should be based on the discount buyers get as we buy it and appreciation should be icing on the cake.