The reason people say build credit and funds so often is because it is the path of least resistance (although slow) and proves the most successful.

In terms of due diligence, for example, for an acquisition FHA under Section 223(f) you would be looking at an Appraisal, Phase I Environmental Assessment, Capital Needs Assessment (depending on the age of the property it might include Asbestos and Lead Paint testing) and Radon testing (where applicable).

Did they simply clean the carpet and give it a coat of new paint, or did they actually put in the work to give the prop a new roof, new HVAC, new flooring, etc?

It won't work a turn key rental or a very limited rehab (paint and carpet).Let me know if you have any other questions.

Steam cleaning the carpet does not generate enough moisture for long enough duration to cause any lasting harm to the flooring underneath.  

No amount of drywall mud or paint will correct walls that aren't framed straight, square and  level.

Paint, carpet, etc.

With older properties you could have asbestos, lead-based paint, galvanized pipes for plumbing, etc.

This one needs minimal updates (paint, refinish existing hardwood floors, update kitchen cabinets (small kitchen, which is customary to area)).

We also installed new flooring & painted the laundry room again.