When you have a tenant turnover you not only have no income (rent) coming in but you generally have to spend money to clean up, paint, etc. 

You might be well into orders for cabinets, flooring, & appliances by the time someone asks about options (wink, wink), but now they're interested and maybe you could squeeze in a different backsplash or paint colors.  

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.