A couple coats of kilz if you know where he sprayed and it will be gone.

If you're buying properties that just need a coat of paint and some new carpet, then no, it's not that difficult.

Don't waste money and time with top coats, patches and what not.  

Here is what I think - you can go with carpet, and thicker pad will hide everything.

Strategically I would try for locations very close to new development so you get the full effect of their coat tails.

If you feel that you're still not satisfied with what's left, you can also skim coat the floor with a flooring patch and let it dry.

Then, I always do what is necessary to ensure the residence is clean, safe and functional:Make sure it is extremely clean and free of odors.Give it a fresh coat of paint.

I just don't see a few hundred dollars as exciting, especially if you're putting up big $$ for a new construction.. think about it, if it's just a washer or dryer that need to be fixed, or new coat of paint, make sure to look at houses from a renters standard--not your own.  

Work hard and don't just ride coat tail.

There were 4 or 5 units in need of repair and when I went to go see them I was expecting holes, mildew, dead cats, fire damage... saw dirty carpet, dirty appliances, minor drywall repairs, and a need for a fresh coat of paint. $3k-5k per "damaged" room.The managers I talked to both literally said, "I hate people."