However, since this would be an investment property (held for 1 year or less), ARS 32-1121(A)(6) requires all work be performed by licensed contractors if the cost of material and labor is $1,000 or more.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Renovation PlanScope of Work:Convert 0.5 Bath to Full BathEstimated Cost: $7,500Details: Add shower or bathtub, update fixtures, ensure proper plumbing.Add Bedroom in BasementEstimated Cost: $15,000Details: Install egress window, insulate, add walls, flooring, and electrical work.Replace DeckEstimated Cost: $3,000Details: Replace existing 8'x10' deck with new one.General UpdatesEstimated Cost: $45,000Details: Update kitchen, bathrooms, flooring, paint, fixtures, and necessary repairs.Total Renovation Costs: $70,5004.

I work with a company that does tax appeals at no cost unless we win. 

Start by talking to a bank or whoever you plan on getting the loan from to find out how much you can borrow and what the costs are associated with that.

I’d personally rather receive a little less rent and have the tenants cover this cost.

Short answer, redemption includes the VALUE (not the cost) of post-foreclosure improvements, no matter who made them.

There really isn't cash flow anywhere right now without some kind of niche or angle.If you buy a miscellaneous, "lower cost" house around the median in PA or OH, and put conventional or DSCR debt on it... it's not going to cash flow.And you really need to be hands-on somehow, whether that's literally your own or a trusted team. 

Welcome @Hogan Chouinard,Memphis is a city with a strong workforce that offers low-cost entry and provides consistent cash flow to investors.

A much simpler strategy may be to sell the property, buy a new property, do a cost-seg analysis and take Bonus Depreciation.