(i'm using a hard money lender)3) Should I buy new cabinets or re-paint it?

Obviously only when requires a repaint?

I would say you need to plan for the following to happen to you during the next 15 years:- May need to drop rent by $200/month for a while due to market conditions- May have 2-3 months of lost rent due to vacancy and/or eviction- Broken garage door opener, hot water tank, furnace, or appliance requiring a repair man and possible replacement- Need to replace carpets or re-paint the entire unit and it's not covered completely by damage deposits.- HOA fees and taxes continue to go up every year but may not be possible to increase the rents due to market forces.If you have a good W2 job and you can hang on for 15 years and cover these situations I would actually say you should keep the place!    

Tenant had put wall closets, when he removed them there were holes(naturally) so he patches them, so there are big patches(not small) all over the wall in apartment, so need to repaint to look paint smooth.  

I'm pretty handy so I convinced her to let me make all the repairs it needed after the FHA inspection to sweeten the pot on both ends of the deal (scraping paint and repainting is pretty easy) . 

Once the tenants move out, I plan on replacing the carpet and repainting the inside (color scheme will change to the more current trend of grey).  

My intent is to get it 90%+ occupied, repaint building 1, improve parking lot, touch up facade of buildings for a fresher/modern look, and possibly upgrade each apartment unit during vacancies.

Hi Doug,Sometimes paint will run over stain sealer or when painting over semi-gloss or latex paint over oil based paint, let dry completely and sand or spackle runs and repaint.

If you paint the exterior it will eventually have to be repainted again.

When we have to repaint due to a move out, it is quick and easy since it already cut in.