Eg roof and siding on one, all new paint and countops.

The deferral is all on major capital expenditures, roofs, HVAC, Water heaters. 

I'm the VP of a roofing company in South Florida and work with a few good PM companies on a regular basis, a lot of bad ones too.There are good and bad PMs in each of those companies. 

All situations are specific to individuals.Our best wishes and empathy go out to those LA individuals and communities.It’s been about 6 years since one of our storage locations was flooded for about 4 months.  2 feet over the roof.  

That being said, if you're 23 and you don't own a home, I really do recommend starting with a house hack as you don't need the 25% down capital to get started and you kill 2 birds with one stone by getting a rental and having a roof over your head. 

Paying off the notes, working to pre-emptively make repairs to capex items before they fail or become a major issue think roof, HVAC, and foundation.

A couple of Roof claims due to storm damage in Tucson, and we had several sub-to deals in Oklahoma when grapefruit size hail decimated a big section of the whole town. 

Hey Denny - For rehab costs, a good place to start is breaking things down room by room and getting rough estimates for common repairs like the roof, HVAC, kitchen, light cosmetics, etc.

ie, wind damages the roof and that lets in rain that damages sheetrock, floors, furnishings,...   

I manage hundreds of rentals and most of them are caulked every 5 - 10 years.DR Horton was the builder, and after we did two inspections and closed on the house, we found out that a good chunk of the roof was missing - they quickly finished the roofing.