It needs some light updates, but there is a ton of equity I want to capture through a cash out refinance.

After the cost segregation study was performed, this was the new asset allocation breakdown by useful life.Here are some examples of what types of assets are included in each of these asset classes.5 Year Useful LifeSpecialized equipmentCabinets and countersRefrigerators and microwavesSecurity alarm systems and telephone connectionsDecorative wall treatments, ceiling fans and flooring15 Year Useful LifeSidewalks, landscaping and asphalt pavingSignage and site lighting39 Year Useful LifeDoors, walls, roofing and windowsFlooring, drywall partitions and ceilingsEmergency lighting and restroom fixturesPlumbing, HVAC, and electrical distributionThe use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

For example, they get "x" amount of $ for every door knob they switch, "x" amount to change a light fixture, to lay LVP flooring (per sq ft), to hang a door, etc.

Looking at a strategy to Brrrr or light rehab to rent out to long term tenants.

Usually, your PM might do some light rehab/turnaround to get ready repairs, but in general you would hire a contractor yourself for a medium or bigger sized job. 

This is a critical step  - do not take it lightly.

Basically, Id like to know how much teeth does our lease have in light of larger oakland CA tenant law.Any help would be much appreciatedthanks

I will lever it lightly with assumable debt, or not at all, and keep this conservatism going until cap rates are ~100bps above interest rates on property of reasonable quality and nearby where I live and operate my business.If that happens next year, I’ll cash out refi to a moderate debt level and buy!

If you like to change light bulbs and listen to tenants whining, then you don't need a PM ;-)

Reno consisted of gutting and replacing the kitchen and bathrooms, replacing the floors, light fixtures, HVAC and roof.