@Tamara Smith Short term rentals can be a great way to increase your cash flow, but be careful about the specific locations you choose as the laws for each municipality are different.

If you'd replace the whole thing, what type of flooring would you choose and why?

I've been told all floors coverings need to be replaced and it needs some drywall work, small holes, and painting.

I just bought a range style property in Henrietta for 119k (4 bed 2 bath)  and i am estimating a max of 30k for renovation (kitchen, bathroom, living room, painting etc.) 

@Trevor Bingham Income - all Expense's including Capital Expenditures (whatever % you choose)  = cash flow....

ZERO vested interest in getting the right personDeal with the vacancy (it also gives you some time to deal with deferred maintenance, clean it up, paint etc etc) and find you own tenant.

The only immediate repairs/upgrades that are needed are gutters, pitch the landscaping away from the house, and painting the garage (being required by the city for the rental inspection). 

It just won't hold up in court, if they choose to fight you.

Many people who start out in real estate investing and don't have much assets choose to use insurance coverage for asset protection.

and I choose to foreclose....