If you're dealing with middle class family rentals I would do things that are necessary:Remove any carpet in bathrooms, Remove any dirty carpet and replace with tile or laminate.  

Closing costs are also high as a percentage of the purchase price.You get into higher price points and the cost of fixing things relative to the overall value tends to be less of a percentage along with the closing costs.Many TK companies say newly rehabbed only to slap carpet and paint and change a few fixtures in the property.

For this particular purpose, I would remove the framing on the wall, remove the bar, and remove the ceiling mirrors/frame.The floor and the walls I would keep (maybe even carpet this section if it severely clashes with rest of house).Good luck! 

I've worked with my hands on a lot, I've put a few bathrooms in and done a whole house's carpets.

There WILL be stress as you search for that initial property to buy at a good price, and as you learn how to deal with tenants, get phone calls for a leaky toilet while you're having supper with the family, or that crazy cat lady with pee all over the carpet. 

So I've redone three kitchens with stainless and granite, lots of new paint, carpet, and hardwood floors.  

I'm aiming to start with a simple paint and carpet rehab.  

It needs a little bit of foundation work, but it was in perfect working condition and I could've moved in if I didn't mind the ugly floors and carpets the day we closed.

I have found that the must have contacts are HVAC, plumber, appliance repair, electricianAdditional helpful contacts include carpet company, painters, and a handyman.  

It's cost me some carpet and a coat of paint which I did myself except for the carpet install.