I am sure those people you described wished they had not been "penny wise, pound foolish." 

I will definitely consider re-piping galvanized to copper!

Hey BP,      I have plaster walls(~1000sqft) with a ton of cracks and uneven surfaces that I'm looking to do a skim coat.  

There are plenty of 70 year old millionaires that would give every penny they had to be your current age.

If your reno is taking 30-60 days and you make a list of your furniture needs and check everyday, by the time it's done you could have it furnished for pennies on the dollar of buying new.

A coat of paint here, drywall there, laminate flooring throughout and the house will be a perfect rental.

- If not offer TI specific to hood and grease trap and ensure this becomes part of the space (tenant leaves it behind when they leave).Are you providing a fresh coat of paint or any floor treatments?

I've got it locked up for pennies on the dollar.

Frank and Dave's cd and books on eBay for about $600 are worth every penny.   

Like you I operate by the book but once give no option you might as well get what enjoyment you can out of it.I once had a tenant it took me 3 years getting rid of as a result of our pro tenant legislation. 10 court appearances and a total cost to me of 3K but well worth every penny in the end.