3) should I replace the ceiling drywall?

The house appears to be in decent shape except for one condition, there is a ton of mold or mildew on the ceilings by the air vent grille.

The cost to completely paint the interior of a house (walls/ceilings/doors/trim) will run you $3k to $5k alone.

We just paid a guy $1000 to hang drywall, float and tape a 1,500 SF ceiling. 

By that time, I had already peeked in to find my alarm hanging from the ceiling with the battery nowhere to be found. 

In the four years that we have owned the store, we have seen no damage to our paint job or to the acoustic ceiling tiles due to vape.

The bank should provide some guidelines on that.All parties (contractor, bank, and homeowner) should draft the scope of work to be performed in as much detail as possible (example this type of carpet, this type of doors, etc.)Once the scope is agreed upon, the contractor is to provide you an estimate and a schedule (consider using a guaranteed maximum price type contract, this basically holds the GC to a ceiling). 

I am starting to see a ceiling in the C class value add already, but don't think the market is done....when it is if you can hang in there....you will find some great bargains.   

Doing renovations while tenants say in place is challanging at best unless they are trivial (e.g. light fixture -> ceiling fan fixture).

With the lack of movement in our area, it's hard to say whether its worth securing the funds to carry the property through the Winter in the hopes of the market improving in our area and us finding a buyer.Josh - Feedback on the renovations we completed has been positive, with the main suggestions being that it should be under $2m, that the ceilings are low on the ground floor (8ft) and some of the guest bedrooms are a small for the price point.