Treework:  I need to have some trees trimmed, my thoughts on this would be opex and a deductionNew carpet: This one I know is a capital improvement and must be amortized.New Pool pump: I'm assuming capex also.Thanks everyone!

Paint Int/extMajor demo/trashUpdate both baths, including cutting into slab in basement in order to set the tub to floor levelCut in a sliding door in basement great roomNew kitchen, knock down wall to open upLightingnew Flooring: laminate planks, vinyl, tile baths, carpet, etcMajor landscaping in the back yard: we had no idea there was a 30x20 foot cement patio back there, I didn't include the pics, but it was so over grown with stuff, we never saw it when we bought it.All other basic cosmetic stuff that you do to make a new house: door, trim, etc.TOTAL REHAB Costs: Roughly $46,000The unfortunate and fortunate part of this project was that I didn't have any freed up contractors to work on the project when I purchased it. 

The security deposit should not be touched until the tenant moves out & cover items like carpet, cleaning, if property needs to be repainted.

And carpet. 

That foreclosed home got listed, the bank already cleaned it up and put in new carpet.

Not to repeat many of the great comments made I'll ad just one point: make sure that the finished "package" works - what I mean is, if your overall approach is to stick to necessary repairs, paint and carpet (and sell the house for 150k) then stick with cheap and easy.

For example you can do all cosmetic changes including kitchen cabinets and not require a permit i.e. carpet, painting, plumbing fixtures, some electrical changes may require a permit depending if your in State jurisdiction or Cities.

I actually provide a list with any issues I already know about (small crack in front tile in foyer, bleached spot on carpet in closet, etc.), then give them two weeks to get the list back to me with any additional issues they may find.     

For it to be "up to code" it needsA new roof-5k-7kKnob wiring pulled and replaced- 11kmisc. fixes around the house (flooring, paint, carpet)- ~5kThese are just rough estimates. 

Then I look at cost of repairs, does it need paint and carpet, or does it need new roof and a foundation repair?