Even in the best scenario you would have spent $1,500-$2,000 to update the smoke detectors and C02 testers, cleaned the carpet, re-glaze the bathtub, update any leaks and light paint and wall repairs.  

They appear ok at first, but then they peel because the coating on them is not paint. 

We are furnishing with contract grade quality and amenity heavy (game room/hot tub/murals/new paint/lighting and ALL basics needed to host a 5* stay so all bedding, kitchen items, bathroom items, linen and bedding as well as the labor for trades.

If needed you can prime an paint the wall with stain blocking paint.

., I have heard of painting walls etc with Kilz and running an ionizer and stripping the popcorn ceiling but what about the AC ducts?

Renovated all apartments, converted M2M tenants to annual leases, instituted strict rental criteria, implemented online payment portal, invested $75,000 into leasehold improvements (HVAC, drainage, exterior paint, concrete.)

Some of the books I've read paint what seems like a pretty rosy picture, so I appreciate this realistic response. 

For example, doing the kitchen,paint and floors in the 2 months before moving in and then moving to bathroom renovations or adding a master suite addition while living in the property.Depending on you jurisdiction and capital you can use the value add house hack to even add an adu to increase the density. 

@Dean Ng- Referrals are usually a good way. 

After some time we are able to renovate with new flooring, new paint, new light fixtures, new bathroom fixtures and vanity, new kitchen countertops, and painting the kitchen cabinets and new cabinet hardware for about $7500 on a 1/1 or 2/1 apartment.