You want to be in light so you can put a tenant/buyer in ASAP.  

Would think it cant be much, no pool, gyms or any of that sort of things, mainly fees will cover landscaping.

I would be adding drywall over the existing plaster walls, can lights, a kitchenette and 2 small bathrooms.

It's been vacant for awhile so needs good cleaning, some landscaping some flooring and paint in all three apartments.  

I bought it for only $70K, put $20K into fixing the foundation problem, new a/c and heat, new roof, interior renovation, and landscaping.

I look forward to sharing with anyone who can shed some light on this topic.

I'm a landscape architect by trade. 

The following link sheds light on this. http://www.sec.gov/investor/alerts/sdira.pdf

You may have a higher end home with higher end tenants but you have to still take the emotion out of it when you do an inspection and notice things you wouldn't normally approve of (trash, landscaping not perfect, dirty carpets etc.)

I look at the landscaping, trash in yard, extra cars, signs of too many people, unauthorized dogs, etc.2.