I just got back from a Meetup group here in Contra Costa but there wasn't a single fix and flip investor there and everyone seemed to be investing out of state.

I agree get an attorney, it might cost a bit more, but you get the expertise you need, just like not doing your own HVAC. 

It could cost a couple bucks to install the slabs but so would a quality paint job on the cabinets...

If it's a tenant's top choice, they will rearrange their schedule to make that showing work.I send automatic text and email reminders on the showings, which has reduced my no shows by 80% -- anyone who is going to cancel clicks on the [Cancel Showing] button.Balloons and waters -- they don't cost a lot (so not a horrible idea), but rentals are much different than the buy/sell market.

The rehab stuff you listed will cost a lot more than $15k.

Bad debt are items that typically depreciate heavily in actual value you could later resale for but sometimes it doesn't matter.I have a massage chair that cost as much as a car.

So they might cost a little more and have 2x HVAC, water heater, etc.

The good news is, by the end of your lease, buying a primary may cost a lot less.

Roofs, kitchens, hardscape, plumbing, electrical, foundations, bathrooms, cost a lot more than water heaters.  

you could warn your friend that the tenant can complain to the board of health and it will cost a lot more than just fixing it.