Product Wear and Tear; You will have to replace things that fall out of good working order.

Agreed on both points by @Scott Schultz and @Peter Bowen, tenants can not be charged for normal wear and tear on carpet or standard carpet cleaning fee.

The other benefit to a partner with more experience is they might tear apart the DEAL you think you have and know things you might not know and save you from investing in a marginal to bad deal.     

This would not require tearing up your concrete and all the work.  

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@Trevor JusticeMost property managers I talk to say every 3-4 years you should be painting the interior - so for me if it was a good paying tenant for 3 years I would not charge them and consider normal wear and tear.

One day I was up on the roof of the shed tearing it down and these two people walked into my backyard and asked me what I was doing.

Cleaning fees were well beyond normal wear and tear.

My experience with them here in Utah is that they tend to offer more rent, but the wear and tear on the property are greater.

The scope of work for this project included tearing down all walls and framing out a 3/3 (previously 3/2) with a more open floor plan.