Include a contingency budget for unexpected issues.

As soon as we took possession, we painted the top unit and switched out light fixtures + outlet covers.

Cash-flow is a defensive strategy at best (I don't find it very reliable; unexpected CAPEX, vacancy, etc.). 

My son once got stranded in the mountains and then an unexpected snowstorm hit. 

Sometimes the best opportunities come from unexpected places!

Internationally, those holding USD reserve, freak out. Let

Assuming I had the experience, I would only buy a place with structural issues if I had 1) an experienced and trusted structural engineer telling me a clear, and verifiable explanation of the cause(s) of the problem and a viable and affordable solution, 2) trusted and experienced tradespeople who would be implementing the solution (carpenter, mason, etc.) confirming with me that they could fix the issue (with 90% or higher confidence that the issue could be resolved within budget), and 3) confirmation from city inspectors that the issue (and an inability to fix the issue) would not result in condemnation/revocation of occupancy permits. ...and even then, I'd only proceed if I had the cash reserves to ride out a major series of unexpected problems (e.g.; time overruns, budget overruns, unexpected revocation of occupancy permits from the city, etc.) 

Sadly, she died unexpectedly last winter, and here I am.

Is it worth diving into a full bathroom/kitchen gut (unpermitted/handyman not of my choice) possibly revealing more issues or just paint, new cabinet pulls, switches/outlets, lights, etc?

Thanks to plenty of smart people here on BiggerPockets, I have learned that it may be possible to offset a portion of this unexpected higher W-2 income with the purchase and "active management" of a STR.