The surrounding apartments had major improvements that maximized the space (larger windows, removing hallways and changing entrance, decks, cameras etc)  and created a very nice space.

As for the reserve amount, usually I do 3-4 months of costs (not income) plus any amounts for upcoming planned capital projects on the property (roof, deck, any replacement / repairs that you are planning).

@Derek Blades definitely!

I was wondering if anyone had any direction on how to find contractors, I know we will need someone for siding, flooring, decking, cabinets and counter tops along with others likely.

It gives a nice picture for "what if" scenarios.That said, if you are interested, you can always ask your Sponsor if they do have a sensitivity analysis that maybe they just didn't share in the original deal deck.

But a new roof, water heater or deck requires a permit. 

You probably shouldn't be ripping off shingles to replace roof decking as your first DIY job. 

Reminds me of when we hit a big storm during my last cruise... wife and I watched the crew scrambling around to remove all the lounge chairs from the deck before they started sprouting wings.And thanks for the pointers! 

Tile is peeling, walls have missing paint, deck around pool is uneven.

@Chris Deck, do you happen to know what Meyer Porperty charges as well?