new paint job I'd say is best bang for your buck for appreciation

So a 6 months HML will mature before cheap conventional loan could be obtained.2.

I’ve found a partner who has improved land in a mature vacation rental market.

Basic cleanup and light landscaping are the best bang for your buck.  

I suppose anywhere someone can make an extra buck there will be people that want to take advantage of it.Your comment hits hard and I will definitely be vetting anyone I work with in the future.Thanks for the feedback!

@Matt Buck, Millennials, who are today main renters,  are all about Eco settings.

If you want to strive to have the least amount of funds in a multifamily deal it would be great if you can start off with a multifamily house hack, especially in CA whether in Bay Area or San Diego...to be able to purchase a $1M duplex with only $35k down is the best bang for your buck (assuming the property makes sense for you as a long term investment).  

Tile is a great focal point, you want to use an inexpensive option but if the cheapest is unattractive, consider spending slightly more because you’ll probably get a good bang for your buck.  

If the numbers make sense for me, I do not hammer the whole seller over a couple thousand bucks.

Purchase price: $165,000 Cash invested: $40,000 Great solid brick 4 family with secured entry in a prime rental location. 4 one-bedroom apartments, all units occupied with mature tenants.