It would take about $30k to modernize bathrooms, replace carpet, and update lighting. 

Other ideas: Offer a unit improvement for the referral (ceiling fan, tiled floors, carpet cleaning, light fixtures, accent wall), Offer a donation in their name to a non profit they support, just simply ask- most people want to help.  

We need a new roof, paint, carpet, finish work and some general updating.

We updated the property with new paint throughout the house, stainless steel appliances, new carpet, and new laminate floors.

And we're trying to get our owners to convert all worn carpet to LVP during turnovers. 

You can make it work on a 200k and up investment property, if you buy quality and don't have too much work to do - I am speaking from experience working with many investors: after they have done a cosmetic carpet and paint rehab remotely they vow to never take on anything more!

Kitchens, bathrooms, removing carpet and refinishing hardwood floors.

Central heat/air, wood-burning fireplace w/gas starter, newer paint & carpet. secure entry. patio.

A good contractor can give you an estimated cost of the major jobs like updating wiring, gutting a bathroom, updating kitchen cabinets, cost per sq.ft on carpet vs LVP, etc.

The home would be an A property in a B area, likely 20 years old or less that is near move in ready, aside from potential paint and carpet upgrades.Given this, we are not sure how to structure our partnership from an ownership standpoint.