Roof, water heater, front door has issues smoke alarms etc. etc. etc.

and won).My lease had specific things about smoking, fireplace usage, lawncare, HOA restrictions, etc. 

Omar:Home prices in southern Ontario - particularly around the Big Smoke - are insane.  

@Ryan ORiordan $3000, holy smokes, how big is this fence and what's it made of?

I would never "gut" a house unless it had an issue requiring it (water and mold, smoke damage, termite damage, etc)We usually will "fix" something instead of replacing it if we can. ie, a door with damage gets wood putty or sheetrock mud and then a repaint.It's always a balancing act to put a property in market condition and still have the margin  for adequate cash flow.

Smoke detectors , working toilet working sink , good working outlets , functional doorknobs no trip hazards .. simple stuff !

Or is cash flow so important that it negates any advantage of low-down programs in this type of hot market where house values are smoking rental market?

You don't have to smoke or drink to come out and enjoy the company. 

They do not smoke (Hey!

The next best thing is if it is burrowed in deep in the hole :Throw a smoke bomb or highway flare down in the hole by hand and then plug off the hole opening with a burlap sack or old blanket .