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 .

@Darryl ZuberThere are still a good number of cash flowing properties here in Canada  ... you just need to look beyond the Big Smoke to find them.

The next guest even complained about the smoke smell so I called the guy out for a second time with this machine to get rid of the smell. 

If worded properly, you can look for non-smoking, graduate students, for example, but you can’t advertise for “responsible students over the age of 24”.

While smoking is not permitted in my rental, a tenant asked if vapes were.