I believe you can easily argue that a combination of a permit for plumbing or electrical, plus the tenant having too much stuff, makes it that you would need vacant possession for things like repainting and changing the floors.I have also found that in many cases, the tenant will not try to move back in after the renovations.

Don't think you just repaint and increase ARV or cashflow, you need to buy at a good value that is low enough to withstand market cycles (drops and other bumps in the road) so you can sell when YOU want to, not when your house stops being underwater.

I see a lead paint program as a necessity to force landlords to update their properties, many owners will have to decide if they will re-paint or install vinyl siding/windows or dump their properties to new owners who will.

One of the residential units needs paint retouching and the commercial unit needs to be repainted and a good scrub down to remove any lingering doggie odors from the former business that was there.

Those little things really make the unit pop when potential tenants come view the unitAlong with the fire rated doors being installed we also replaced some and repainted the trim around the doors.Tomorrow & FridayFlooring in the bathroom of the 1st floor back rear unitcarpet in the living room and bedroom of the 1st floor back rear unitpainting of the unitThe pesky shower valveWe expected our plumber to be out tomorrow to replace the shower valve that needed replacing in one of the units. 

Worked hard and repainted the whole thing and did some minor updating to get the house ready.

And that my friends is the moral and the importance of me sharing this story.In the event that the 3 years passes and I decide not to exercise my option, I will have to cover the carpet cleaning costs and repaint the walls.

I rehabbed the common area, added a washer/dryer hookup to units that didn't have one already, reglazed all of the exterior windows, repainted the exterior, added functional off street parking for 4 cars, and rehabbed all of the units.

I can tell you from personal experience wood siding is not a concern if it's in good condition,  if it's rotting , holes, warped , Then new siding might be a good move but honestly if it's saveable it's better to do a good cleaning and a repaint.

Or, do you leave it in place and try to repaint the walls in a way that makes it look better?