There is new hvac and some upgrades done to the assistant living facility , it’s just the person who owned the place passed and the family doesn’t want to continue running it.

You would be better served upgrading from your last one and becoming a small partner in a flip where you could bring your sweat equity and some cash and learn on the job more when it's not a family member.

It will take a huge amount of work to upgrade the property which has not been properly maintained, so we'll be doing a lot of infrastructure rehab including adding HVAC/AC, upgrading the wiring, and bringing the old floors back to life.

You can upgrade location, year built, and cash flow through a 1031 exchange.

None really .Just made sure I chose the right upgrades if I ever want to sell it in future.

Go talk to the the current PM....ask them about property performance, asked about rent bumps on upgraded units, ask about the competition and go visit. 

Can you build your STR business and have the business pay for reasonable upgrades over time? 

However, if ego dictates to upgrade the photos, you simply create a Zillow account, put it as "For Sale By Owner" for a price higher than it would sell for, upload the desired photos, wait about a week and then cancel the FSBO.

We also replaced quite a few old ceiling lights with new ceiling fan/light combos and replaced any cracked or suspect outlets, etc.Kitchens got new stoves and microwaves and upgraded furniture in common areas.

There is a very old door intercom and buzzer system that needs upgrading.