I budget 10% for vacancy and 20% for maintenance/capital improvements.  

Your position on this item will be stronger if your lease has language regarding making unapproved repairs or improvements.2)  I think you fill those holes with mortar and move on. 

I’ve made substantial improvements to the property (flooring, texture, interior and exterior paint, total bathroom remodel, painted cabinets, new carpet, crown and base, new doors).

There are a lot of moving parts to successfully purchase the land, get entitlements, put in horizontal improvements, put in vertical improvements, get leases negotiated and in place etc.

You need money for repairs , improvements/ cap ex also for vacancy reserves .

This is a pervasive issue across LA and we all need to work together to improve our city.I live in Venice and this situation is common.

I would assume after rehab taxes will go up substantially being property will be improved. 

But the is an area where spring/summer is best for sales.I can fix up the kitchen and list it this fall or I can skip the improvements and rerent it for 6-18 months.

It sounds like you are suggesting repairs/improvements need to be made.  

Just improve as what is average for that area.Are there any nearby amenities and what the nearby retail development attract, if any.Are there any needed repairs, renovation, or capital expenses?