I would estimate (before inspection) cosmetic upgrades $10k.

I have been absorbing as much about REI as I can in the last couple of months, most recently burning through Brandon's book "The Book on Rental Property Investing" in a day.We own a SFH in Dunedin and were considering upgrading to a larger home when we made the decision that we want to remain in our current home so we can start REI. 

Then you can use the cash flow to upgrade to a MF down the road.

I'm hoping to get by with doing minor cosmetic upgrades (max of $20k), although it is difficult to find a property that doesn't need major renovations in that price range.

One thing I do is try and upgrade my property, make it the best or one of the best on the street.  

It has had some renovations including newer roof, windows and 3 of the 4 units have been upgraded throughout.I want to buy it around 15,000 less then what it is asking for.

I upgraded the heating system to natural gas furnaces.

Buy a slightly cheaper property to upgrade into and take taxes on the initial sale into account.

I am slowly adding value by doing small improvements such as upgrading from a swamp cooler to central air and improving the interior cosmetically.What was the outcome?

I do have to admit I am going to be learning about renting out this house that I've put A LOT of upgrades into.