Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Killz all the walls prior to painting.

If there all capital will be paid back and then equity retained then a lower pref would be palatable, but if the rate of return is all there is, then a higher pref is a must.

Cleaning walls is a tenant responsibility.

Quote from @Jaron Walling: @Joe Villeneuve Throwing the fast ball on this one!

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Diagonal cracks on the walls around windows and doors. 

We converted the half bath into a full, closed off a section of the loft as a private bedroom, cleaned up the walls, added stone to the brick fireplace, refurbished the cabinets, replaced the counters, installed new flooring and lights throughout, custom build a porch swing, some landscaping, and then operated the property as a vacation rental for 6 months.

What is everyone's view on panel walls? 

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.