I do have the rehab experience, 25 year remodeling, painting and home improvements. 

Bought property for $36,000, previous sale $108,000, needed partial roof repair, clean and paint, rent $895, already had new gas furnace and central air conditioning, off street parking, fenced yard and deck.#2. 

I am interested in buying REO or mortgage-able properties outside of the 465 loop that need minor rehabs such as paint and floor coverings, maybe new kitchen cabs.  

Yard, paint, fences, roof, vacancy standard, etc..).  

Paint is Cap Ex?

Only repairs initially are cosmetic, including a little caulk and paint, and a few things to freshen it up. 

But how do we tackle Lead Paint issues or Asbestos problems?

I hired a guy off of craigslist to paint a 2 story foyer on my primary residence.

If I am walking through a house that I am considering purchasing and the paint job is sloppy, the doors rub in the frames, the windows are hard to open, and the trim and drywall aren't properly prepped.  

. -14 Units (13 1 BDR/1 2BDR), Desirable Location-Avg 1 BDR Rent: $700/ 2 BDR: $100 (right around the median for the area)-Built 1951-Interior gutted last year: new kitchens, carpets, toilets, paint etc.