Start with something light-value add or turnkey so you don't take on too much risk and you can learn the whole process with a more friendly investment. 

he brought the appraisal up by around 40,000 dollars but was still a bit light compared to equal comps. 

Save the money, clean it till it shines, maybe basic improvements like a few new light fixtures or at least matching/bright lightbulbs, maybe a few new faucets, some paint touch ups and sell.If you’re hiring a Realtor®, they can tell you pricing in current condition versus pricing with a few minor changes.

I never pull permits for;  swapping AC, swaping fixtures (lights/fans/faucets), flooring, paint. 

Others may have had a good experience but we would have been better off lighting our money on fire to heat out our home.

Similarly for the master bathroom, I want to only replace the existing vanity with a new one, keeping the current light yellow tiles.

Though the public couldn’t get close, several news outlets shared footage, with drone shots and fireworks lighting up the scene.

It's a gorgeous loft with beautiful furniture, lighting, great location, and below market rate but I still can't find a tenant.

maybe some light repairs after the tenant moves in...so your first few years are typically stabilization, and you investing into the property. 

My take - find a light value add property and househack.