Purchase price: $405,000 Cash invested: $180,000 This was sold as a 160 acre ranch, BUT it did have an OLD ranch house that was in too poor of shape to live in.

A cute rental in great shape.

The existing carpeting is in horrible shape and desperately needs to be replaced - I'm ready to and WANT to install the LVP flooring, but how to do that while the existing tenants are there?

Unless you have a triangle or real weird shape, you should get more buildable square feet. 

Usually if the property is existing, then it will need to be in good shape.  

The GC comes back to you and says the house needs 57k to get it into shape. 

It has been a collegiate rental for MANY years, and the current PM that showed it to me yesterday has been in charge of it since 2018 with no gaps in renters.This home is in fantastic shape....new services throughout, no exterior issues, nothing. 

CheersBrother...Do you know HOW MANY times someone calls me and says:"yeah.. hey, I saw your sign on the street, do you buy houses in bad shape"?

First is the house in relativly good shape , but just dated .

It does cost some money for the attorney, takes some months to get done and YES the property will come back in worse shape.