However, from a pure out-of-pocket cost, cash for keys is less expensive than new plumbing because they dumped cement in the toilet, then flushed.

My wife and I bought our first home 2 years ago and through modest remodel we have added $20k in equity.

Probably more of a 10K-20K reserves scenario if you buy a fixxer or much older property.But even a rental with just cosmetic problems will have odds and ends to tend to , be it a running toilet, failed appliance, stuck window, etc.

Repairs Needed:Flooring - Vinyl Wood 1200 sq ft$1,200Floor Underlayment$260Floor - Tile 350 sq ft$580Flooring Adhesive$200Floor Trim$435Paint All Walls$450Bath/Shower Remodel (2)$1,400Oven$800Dishwasher$530Microwave$150Washer/Dryer$600Refrigerator$1,300Crown Molding$350Concrete Driveway$2,500Surprises$2,000Expected Repairs$12,755Closing CostsBroker Commision$1,000Broker Admin Fee$250Title and Transfer Fees$500Misc Expenses$250Total Buying Costs$2,00075% ARV$107,946Minus Expenses$14,755MAX OFFER$93,191First off, did I do these number right?  

Ultimately it was not that bad of the remodel, in my opinion is was mostly cosmetic with a few fun parts.It took about 45 days for rehab roughly. 

So I was having a conversation with my wife last night about a potential rental property and we came to a fork in the road: If you were going to purchase a unit to rent, and the property needed some light cosmetic work, how far would you go in remodeling the property?

I worked construction before going back to college and design is a huge weakness for me and in every remodel I've done I always have one color scheme that is pretty bad.

So it worked out for everyone.I've been in home construction/remodeling/renting for 25 years, so I've made my money back multiple times on my tools. 

If I am waiting for laminate floors to go down, and I have a bathroom that's otherwise finished, the towel racks and toilet paper holders may go up.

Now I am aware how a toilet works, so floaters may not be the best analogy.