What size range are you looking for (30", 36", 48")? 

I'd take a portion of it and invest in stock and allow that money to increase over time.

If I repainted I'd be doing it to get the "wow" factor (and fresh-paint smell) of a completely repainted apartment, not because any walls are so bad currently that potential tenants would look at them and run.I no there's no one-size-fits-all answer, but generally speaking, which of these upgrades would deliver the biggest bang for the buck?

@Amber Rhea: Only you can truly answer a portion of this... what is "over-leveraged" to you? 

I was wondering what others do with the closing cost portion.

@Dan Morris You can only write off expenses relating to the rental portion of the property.

Occupancy rates run 60 - 70% depending on what size place you purchase.

I'd make sure you have something in writing so when someone moves out you can deduct a portion of the security deposit.

@Quynh Lan Nguyen - Yes or you will have to foreign register your LLC from one state into the oter state.E.g if you have an LLC in MO you want to hold a rental in TX you will have to foreign register your MO LLC in TXDepending on the size of your portfoilo and equity in your rentals your attorney should be able to suggest the best entity structure for youHope that helps

Alternatively, you find another buyer and ask to take a small portion of the deal as a finders fee.