~Washer and dryer for the unit I decided to supply them (I do not recommend this).

based on the information you supplied, I would go for the 150k property.

We are now putting up a smaller number for that equity split because we have a higher supply of investors than inventory of buildings.

Here is what we put in our move out letter, which may be helpful to build on:Specifically, here's a list of items you should thoroughly clean before vacating:[ ] Floors[ ] sweep/mop laminate floors[ ] vacuum carpets and rugs (shampoo if necessary)[ ] mop kitchen and bathroom floors[ ] Walls, baseboards, ceilings, and built-in shelves[ ] Kitchen cabinets, countertops and sink, stove and oven--inside and out [ ] Refrigerator--clean inside and out, empty it of food[ ] Bathtubs, showers, toilets, and plumbing fixtures[ ] Doors, windows, and window coveringsPlease don't leave anything behind--that includes bags of garbage, clothes, food, newspapers, furniture, appliances, dishes, plants, cleaning supplies, or other items that belong to you.For move in, put all info in the rental agreement.  

The only one I've stumbled on (admittedly I haven't really looked) has more demand than supply at the moment.

I do not want to start a fire storm, but the state did recently cut offer the water supply for Mountain House, and last I heard they are struggling to find some alternate sources.So for that fact alone, I would be very careful about buying any properties there until they work our their water supply issue.

Rehabbers/investors who are wary of holding on to houses for too long themselves, or the regular Joe looking for a great home in small town USA?

Turns out in the municipality where the building is located you are not allowed to take basic rental units off the market so for every condo you convert you must replace it with another regular apartment unit either within the same vicinity or somewhere within the city limits.

The are predicting 3-4 more years of this since our supply is such an issue.

Any standard lease will restrict the occupants and say that any damage that is not regular maintenance is covered by the tenant and not the owner.