For example, we will need 16 ceiling fans and I'm wondering if that quantity can be purchased at a discount, and if so, where?  

There is generally a floor and a ceiling on price per square foot, in any given area, and $20-30k for a couple hundred more SF might absolutely be right depending on the local market.

We don't hear all of the sleepless nights staring at the ceiling when your money is held up in a deal and you aren't sure how it is going to work out.  

This is the Midwest, so it's ALWAYS white woodwork & ceilings!

However, I am seeing some mold in the shower ceiling and a little under the master bathroom on the first floor.

No tenant wants the crap water from the people upstairs leaking through their ceiling.

Wall wash with TSP prior to painting if possible,, if the ceilings are flat (not popcorn) wash also, a sponge mop with a towel over it works great and fast..2 buckets one wash one rinse.you wash everything,, doors, trim, floors, cabinets, light fixtures, all windows glass and tracks.Bleach is ok to use but I've found that TSP is best thing to actually REMOVE the nicotine,, you'll be shocked when you see how well it works. 2 Prime, Kilz primer to seal anything your going to paint.3 Remove all blinds, throw them away the plastic retains the odor and they'll be gross anyway.4 Air Ducts if you can reach inside wash out.. then spray Kilz in them as far as you can reach with the system off.  

The expected floor of market rents is would give $70/month in FCF and the ceiling would provide $150/month in FCF.2) Again, those numbers exclude the amount I'm paying myself for PM, but point granted.4) Thanks for this - is this because at my cash flow projections I would wipe out 1-2 years of FCF + Capex reserves?

The main floor would get one across the ceiling where the front hallway is.

I am absolutely 100% committed to pursuing Real Estate in some capacity or another for a very long time, I am incredibly intrigued by the "no ceiling" aspect of how far you can take this business and I thoroughly enjoy every facet of residential homes from construction to sales to ownership.