I can see the carpeting needs to be replaced and the kitchen/bathroom could be upgraded but I like the idea that I won’t have to do that until the tenant moves out at a later date.

If on paper it's a, say 10 cap, and it has 10yr+ old flat roof, 10yr+ laundry machines, no updates since 90's/80's, worn carpets, old boilers, aged entry systems.... your NOT buying a deal, your buying a maintenance time-bomb!

It sounds like it could get messy if you don't split up the transactions. 

Adding a closet to a bedroom to make it a 4 bedroom, updating all floors and carpets and general hardware What was the outcome?

The neighbor where my rental is has a messy backyard and needs some help with curb appeal.

Average base level is $500 for range, $350 for dishwasher, and $250 for microwave/ hood combo HVAC service: $250 to $3,000 Deep cleaning: $250 to $500 Carpet cleaning: $250 to $700 Another method is to see how bad the house is:If it needs a lot of work do the square footage x 35If it needs some work do the square footage x 25If it needs minor work like paint and touch up do the square footage x 15Let me know if you need any help brother!

So I cleaned that and deep cleaned the carpet.

If you are truly going like for like and your selling in a LLC that just has one thing and that LLC will own the new thing it’s probably the best vehicle, but if there are more layers to the transaction or partnerships etc it gets messy fast where cost seg is clean, yet has its own downsides.

I ripped up the carpet and laid the vinyls myself with the help of a friend.

Also, if you have to evict just one person, it could get really messy when they move out trying to take other people's stuff.