However, there are some who go in assuming a full cosmetic Rehab (inside and out) and then adjust that number based on the inspection.  

Upon inspection, we discovered a host of issues, including an active water leak in one of the basement walls, roofing issues, along with some smaller cosmetic issues that aren't urgent.

The other unit would need cleaning and cosmetic work.2 Move out the immaculate tenant.

My sister wants to take him to court I'm just tired now - it's been 3 months for a simple cosmetic remodel that should've taken 2 weeks.

@John Morgan is the rehab extensive or cosmetic? 

@Blair Knowles -- Thanks for the response.As far as work on prop 1 -  some interior cosmetics, replacing/removing carpets and laminates, painting, etc -- not too worried about it.

Will make cosmetic changes and rent for $1000.

There are some that use the equity in their property as their emergency fund, as they view the emergency fund to be used for major surgery, septic field failing, boiler fails, etc. 

Then I look at the condition of the propertyA = Brand new constructionB = 1975 and newer homes with a FULL renovation (Roof, HVAC, Appliances, All hard-surface floors, Exterior and Interior cosmetic repairs and paint, Hardware replaced, New light fixtures, Fenced in Backyard, and more!)

Area is near the West End.Regarding our cash position, the hope would be to do some minor rehab work, mostly cosmetic and in 6 months do a cash out refinance and get whatever we can out of the property and then more the property number 2.