Masroor Ahmed you can absolutely alter your offer based on actual receipts/bills, make sure that your contract allows for that.

These past few months as a full time investor have been life altering… being able to set my own hours and not being told what to do has such an impact on my outlook even though I am working just as many hours as before, if not more.   

AGREED-UPON means that we APPROVE repairs, decorations, alterations or other improvements.

This is not a good structure and a recent court case pierced a single member LLC stating that the single member LLC was simply an alter eqo of the owner.

It can also NOT "materially alter" the original bargain--in otherwords you can't, for example prohibit parking in the driveway.

3) full carpet replacement (home is 1,474 sq ft)4) interior and exterior paint work needed (home built in 1940)5) needs vinyl windows (there are 12-15 windows)6) some wall areas need to be re-sheet rocked due to holes made from previous owner(s)7) basement ceiling is low and should be lifted (room to be lifted another 6")8.) need insulation and sheet rock in basement to cover foundation area to turn into a potential family room area9) new kitchen cabinets10) appliances (washer/dryer/stove/dishwasher/fridge)11) new kitchen countertops12) update bedroom closets13) install regular sized door and doorways for 3 bedrooms14) new front and back door15) turn upstairs into a master suite... knock out a few walls and alter 2 bedrooms upstairs to a master bedroom with a walk-in closet and an attached master bathroom16) landscape and curb appeal17) stairs are kind of steep leading upstairs... don't know if could be changed?

I am guessing nobody wants to give an answer that could have life altering consequences for you :DHowever your last comment sorta answered your own question.

New question....Do you let your tenants "alter" their apartment in any way such as paint, wallpaper, shelves?

@Jamal Atwell As far as the search for a mentor, I've had to alter my definition.  

If it's to try and alter your tax bill, then absolutely not.