If even one person can learn something from this I will consider this a successful post.After reading the BiggerPockets book "Investing in Real Estate With Low or No Money Down," my wife and I have began doing detailed research on using a "203K" loan (part of https://entp.hud.gov/idapp/html/hicost1.cfm203k Consultants.

Trying to figure out how bad small mold growth can affect tenant health and see if the cost is justifiable. 

@Austin Chambers thank you for the detail.

when writing/modifying rental agreements - the devil IS in the details.  

This would challenge me and force me to grow and to tap a deep reservoir of potential.I'll spare you the details of that quest of inner discovery.

What details does it need?

So I would basically be adding a line to the current contract, with the specific details?

If the issue is purely cosmetic, then hell no.....not a chance.You are supplying a livable unit for them....on the VOUCHER program....you aren't building them their dream home.Do this and prepare for the flood gates of other things they want to upgrade to make the place nicer....Unless there is a safety or health issue, they can pound sand or move somewhere else....at which time if you want to upgrade the floors and up the rent, then go for it....DO NOT DO IT....

This is my first foreclosure property, so I just wanted to confirm the details.

I’d like a more specific ‘scope of work’ and detailed stage by stage punchlist type document so we can be on the same page.