There's a lot of material on here that makes people believe I never bought a single piece of property but let me give a 10+ unit building a go.

Differentiate between normal wear for components still serving well versus material defects. 

In my experience, drywall and paint are conflated in some markets and treated as different trades in other markets.When in doubt, it is easy to go materials suppliers (drywall specific, or paint specific, not the lumber yard that has a pile of drywall in the back).  

Don't confuse Active Participation with Material Participation.Mr.

I'm still going through some of the learning material and trying to figure out where I would fit into all of this.

.- 1 interior in process (pre-leased)- Remaining LTL $14,000Upon Completion- Projected Income $100,000- T-12 OpEx $36,000- Projected NOI $64,000Annual ($765,000 annually)Valuation - At 5 cap: $15.3M- At 5.5 cap: $13.9M- At 6 cap: $12.75MBy the time we've recovered the remaining units (12 months or less) and materialized the $14,000 of LTL, we will have increased the NOI from $25,460 at acquisition to over $60,000.

Furthermore I would presume this is not a material breach of the contract.

I was just listening to J Scott's podcast on show 10, I believe, and he has a "Project Manager" who handles that whole aspect... contracting, crews, material, time line etc.. the best part about this form of his business relationship with his Project Manager is that he is paid a percentage of the profit that Scott makes, whereas contractors generally make more money the more work they do, his guy makes more money when Scott makes and saves more money. 

From a landlord perspective,I think it benefits us in some ways, but if costs of labor and materials go up,it will be a wash?

A bathroom remodel there would probably cost you the same $8,000, maybe $10,000 since you might be using some nicer materials....and will probably return $20,000-$25,000 in increase sales price.