We spent $125K on the purchase, $75K to complete units, paint the house, build a front porch (not pictured), and another $16K on demolition of the rear (asbestos contamination sucks).

In addition to raising rents to market value and getting long term leases signed, we've put about $5k into the property (floors, paints, etc).

Obviously, with this long of a tenancy, you wouldn't be able to charge them with paint, flooring, etc as all of that would be wear/tear.With a month to month you can have them vacate with a 30 day notice (in most places, not all) so if you want them out, there's that option.

I don’t know anyone that has painted the exterior of a house or replaced a roof.

@Brian Ploszay where do you buy paint?

Please let me know if any additional information would help paint a better picture.

Replaced floors and paint. 

people who sell like fast closingstime is of the essencemake sure you have an approval letter telling the seller you have the finances to pull off the dealonce you have a letter to show that places the ball in your courttake a couple people with you on the walk through if you are looking at multiple units with a detailed plan of what to look for that may need repairs this will free up your time so you can smooze the seller and get on the ground with the sellermake a list of knownsnew carpet, new paint, drywall repairs, doors cabinet hardware ect... allow so much per unitenjoy

Then, rate the amount of rehab to be done, from "clean & paint" to "move walls & rebuild".

Splash & Dash (paint and light repairs)?