Situations like these arise quite often in condosWater penetration through failing stucco on several units necessitated a larger stucco and facade replacement in my case.

However, they did discover that the wood frame beneath my toilet has become rotten, necessitating its replacement.

When your goals necessitate large short term gains, you have to be willing to (1) work harder and longer on every deal (2) take more risk to invest in higher return investments (3) utilize a greater amount of debt to leverage your gains ( an hopefully not to magnify your loses and (4) spend a significant amount of time gaining knowledge of a specific real property market either geographic, property type, investmet type or all three.  

How would they have been different if you would have been consulted except that the PM has more work in having to deal with you at every step necessitating that they charge you MORE for that extra work?!?

Unforeseen expenses can reduce profits significantly, necessitating thorough property inspections before purchase.

This necessitated moving quite a bit of electric, adding some for closet lights, getting rid of some fixtures that didn't make sense and adding can lights.

In some jurisdictions you are able to demand "vacant possession" of a property or individual rental unit under certain conditions (i.e. you or an immediate family member are to inhabit the unit, the building is going to be demolished, the building/unit will undergo a substantial renovation which necessitates it being empty, etc).The answer to your second question will depend upon location.  

Do 5 properties necessitate five closings with their respective closing costs?

Since it needs a lot of work, it is usually difficult to get major work done while Tenants are in there.Also, You probably would want to get a lead certificate to protect yourself in this state, and that might necessitate them moving out if you need any type of scraping and repainting-otherwise might be a big liability with lead particles flying everywhere.I would research these 2 issues to protect yourself.

Our PM usually has someone moving in within days of the prior tenant moving out, unless there are unexpected time-consuming repairs that are necessitated by the tenant's damage.