Unless you anticipate going in during or after the rehab to do it yourself, make sure you include in the bid, things like:- Trim- Painting - Light fixtures/fans- All floors and surfaces as you imagine the tenants using- Landscaping - Etc. 

I would also use a higher maintenance cap/ex reserve based one 1) the condition of the collective portfolio 2) the fact that these are not a single conforming building, but a bunch of singles with a lot of surface area. 

I am thinking about removing both tenants asap and trying to get the smoke smell out but removing all carpet, whipping down down every surface, getting ducts cleaned and running an o-zone machine if needed.

Do that for every property that catches your attention, that meets the criteria you laid out above, and when the right one surfaces don't hesitate to make a move. 

I haven't found any one book that goes into enough detail, they just kind of skim the surface. 

Purchase price: $295,000 Cash invested: $88,500 Sale price: $442,000 4th Buy & Hold investment - Two adjoining duplexes in beach communities near Tampa, FL.

This was due to them waxing the floor and then running a steam mop over the surface, but there were only a few scratches because they kept it clean and took reasonably good care of things otherwise.

This is a blacktop surface parking lot and the sewer drain is concrete.

I often find gem's that look really ugly but really just need painting, carpet and surface work.  

I feel like I haven't even scratched the surface.