Certainly address the mechanicals, you will need to comply with HUD guidelines for health and safety and after that, it is up to you. the following basic materials are for you to consider when completing your renovation, while considering the future implications of tenant turn-over:*FlooringNO CarpetTile wet areas if this in your budget or simply install a resilient Rubberized Vinyl Floor plank systemGeneral areas - either refinish hardwood if existing or a new resilient tongue & groove laminate flooring*PaintStandardize the paint color throughout the entire interior, do not get fancy with painting different rooms different color, just more of a headache to deal with at each tenant turnover*ElectricalUpdated electrical schedule, new outlets and switches you want everything to be nice and bright, you want the wow factor no matter the area or rents, you want everything to be clean and look appealingNew Lighting schedule - consider using LED - it is brighter (better presentation) - more energy efficient and should be a smaller maintenance burned over time.

My past few have not met that but I feel like I'm hitting my groove now and starting to get some good contacts and better leads now.Why you selling something?

A new investor can expect to take from 1-3 years before really getting into the groove. 

I would jump at the chance to take old tongue and groove flooring, even pine, out of a house to be demoed.

You could do a 3" tongue and groove wood decking system. 

If the floor is lumpy as you describe, it may have tongue and groove floor boards.

I'm interested in hearing how long it took everyone else before they really got into the groove, especially the veterans out there.

I'll describe the transaction below:- Selling a 2/2 condo in Miami's Coconut Groove for 297k$ as a cash transaction.

We bought a cottage that has Knotty pine tongue and groove car siding on every wall and ceiling in the entire house.

1/4 inch underlayment over tongue and groove hardwood will not provide sufficient rigidity required by ceramic tile.