Full gut is demo down to the studs and starting from scratch.Moderate mostly is cosmetic and can be all or any combination of fixtures, cabinets, paint, removing a wall, floors, roofing, windows, doors etc. 

Rarely does a "be back" come back.

There is a reason why class A cap rates rarely get over the 5 cap range.

That combined with 5/8” drywall is reasonably effective in noise reduction.

I drive by nearly every day and there is typically 0-1 person there working, but rarely there are a few. 

I rarely buy properties with out rehabbing them (BRRRR).  

Hey guys, so I've found someone who is looking at getting out of her rental portfolio back in my home town, which is a very small community.  10 houses, and all individually listed combines too $847,000says combined assessments to $556,100total monthly rents $9150/m. $110,000/yr.  

Overall our purchase price is already so low that when you combine that with extremely affordable financing, it's a recipe for a great long term investment.

Respectfully,Seth  I don't see enough of a business there to qualify for a loan unless you can combine it into your actual business.

Without them, no one can legally occupy a building, so if you are in a building that doesn’t have these documents except in few rare instances, you run the risk of the city issuing a vacate order.