The house needs everything: Roof, gutters, siding (asbestos shingles nailed over older cedar shingles), drainage abatement, rehabbed bath, total kitchen, replaced flooring (half), refinished flooring (other half), back steps, total landscape, HVAC (old furnace is missing), insulation (2" in attic; none elsewhere) additional electrical circuits, plumbing includes iron pipes, interior trim and paint.

I would also recommend painting the walls.

Each unit also has partially finished basement (dry wall is up, needs paint, etc.), offering a huge amount of storage space. 

Wow, I'm looking for my first flip and this doesn't paint a rosy picture.

My question is should I paint the entire exterior before refi or just paint the trim and fix areas that need a little "love"?

InspectionBuyer may conduct at Buyer’s expense, a radon, environmental, lead based paint, wood and destroying insect infestation inspection of the real estate by one or more licensed or certified inspection services.

I have made some moves lately that shifted my entire focus on the family side as well as provided a canvas to paint investment ideas. 

Plumbing , Electric, HVAC repairs , Paint etc.

I was reminded of that this weekend while asking some questions on a pro painting forum!

Don't forget paint and carpets, just to make it look nice to sell - theres another 5k.