The other 2 need typical cosmetic work (paint, cabinets, door knobs, faucets, toilets, etc) which I will fly up & do most of the work myself adding even more equity. 

He talks to the tenants and asks them if they have problems - things they won't call about they will mention when he stops by (leaky faucet, running toilet, etc.)

Yes, even water and sewer.If the tenant is NOT paying the bill they have absolutely no incentive to not be wasteful.Ah, so what the faucets can't be turned completely off, the landlord pays the water bill.

There are many faucets to the game that I would like to expand to and learn more about, such as: flips, different financing techniques, building a business, etc..

Recently I had the following work done at a property:  1) install security screws for existing kitchen faucet 2) adjust deadbolt on a door 3) replace (2) outdoor lights and light bulb (4) replace 3 smoke detector batteries (5) install a spring for screen door (6) install a blind in the living room. 

Leaky toilets, running faucets could cost hundreds(even thousands) more.

Now last week, the kitchen faucet stopped working.

On the down stroke it's the newer investors where some lenders start cutting off the water faucet of capital available for loans.

Providing “sweat equity” is a prohibited transaction.Would that include very minor stuff like painting a wall or two, fixing the broken kitchen faucet, exchange of light fixtures, and this type of things that will take less than $500 overall? 

@Andrew HolmesHere is how I run my numbersVacancy = 1/months rent (i know you use two year leases)$50/m (light due to rehab, this is for basic calls such as leaky faucet, door not working, etc)$200/m (30-year breakdown of major items, however I have thought of re-investing this capital into the next deal)$42/m ($500 per new lease once a year)My plan is to have $10,000 in reserves per property upfront.