Each property we've purchased has been owned by an older guy with terrible listing photos taken on an old Nokia phone and has been in need of a few minor cosmetic updates like painting, flooring, fixtures and maybe a small bathroom or kitchen remodel here or there.

The flaw I see in your logic is this...who's going to want to rent out an apartment that has holes in the roof, water leaks, questionable HVAC, faucets don't work/toilets backed up (God forbid overflowing onto the renter below them), electrical is a hit or miss...thought I was charging my phone but hello this outlet doesn't work.

Hi Jim, I spent ten years in remodeling and the last four of that was rental and investor flips.

We even had the rescission about how I would be happy to remodel and update the whole unit.

Expense, fully deductible, unless done as part of a bigger remodeling project.5.

Thank you.Hi  @Kathleen McDowellI'm a remodeling contractor near Tahoe City.  

asbestos mitigation + the entire remodel is a bit much.

. - You are responsible for these items, and not those items (make a list of what is reasonable for the landlord to deal with like broken toilets, leaky sinks, power outlets not working, windows not opening, etc. and a list of what the landlord does not deal with like people making noises outside.

If you do end up renting by the room make sure you mention it includes mowing the law (hire that out) and a weekly cleaning of common areas (they have to clean up, but pay someone to wash floors, windows, toilets, etc.).You might find it easier to do the whole house at first as you mentioned. 

We are seeing a lot of evictions for nonpayment at the lower prices, so a remodeled one sounds great, but they ultimately can't qualify due to income or credit.