A distressed seller or property may have a depressed price, but that price is the market value when the conditions of the sale meet the market value definition. 

Check the condition of the roof, siding, windows, pavement, lawn, deck, porch, driveway, garage door.....walls, floors, light fixtures, switches, outlets, furnace, AC, pipes, stairs...

I realize that everyone is going to have different input and advice based off of their experiences, but I'm looking for assistance as to whether something I'm including is a definite NO NO, or if something should be added in for increased impact. 

Be clear in your agreement... and make sure you put your TB into a credit repair program... which can be a condition of approval if you decide to go that route.

So if the property has increased in value then you may be triggering capital gains.  

My wife and I started our company about 4 years ago and have slowly been building it up and increasing our holdings.

Could use a little updating, but it is also rent ready, and is in the same condition all other condos are in that complex. 

Many are increasingly using AirBNB's nascent corporate program as a way to outsource the management.

I've seen it happen too often - investors using brains are no match for home buyers using hearts.At any rate, there is no reason for you to rehab the tenant-occupied unit beyond basic liveable condition since the rent will be low.  

If it doesn't then there is room to bill back water and increase market rent leaving decent upside.