NOW, as a buyer, I can understand how helpful it is for me to have the TDS before I pay to have any inspections completed, because anything on the TDS related, for example, to a past roof leak could be looked at during roof inspection, or related to a past fungal/dry rot issue could be looked at by pest inspection to ensure the past repairs held through time.

Regardless of the market these investments have to pay for themselves with rent coming in to cover all expenses, build up reserves and give you a profit.

Over-leveraging is more of a problem if you don't have the income or reserves to cover the debt service. 

Rob Lee covered it well.

Now, it's September and I really need to get it done because Covered California needs the California Return right away.  

The roof and A/C were just replaced, I would have have to put in a couple appliances but nothing major.

You want to make sure that when you buy the property, the rent you will receive will cover all your costs (mortgage, T&I, maintenance, capex, vacancy, etc..).

.- Exterior paint, interior paint - HVAC and water heater appear new, roof appears new- Interior has some water stain marks, replace drywall patches- Replace kitchen with modern cabinets, granite, appliances- Oak floors downstairs hopefully can be refinished- Replace carpet upstairs with composite flooring or nice carpet - stairs are carpeted!

Or suddenly it turns out the roof wasn't in as good of condition as it seems and starts leaking badly and needs large repairs or replacement and you only have $2,000?

You will need to supplement your tennat $2500 rent out of pocket to cover the expenses on this property.