Well maintained interior offers an open floor plan and a designer palette throughout.

You just have to know how money works, and use that knowledge to design a strategy to use money that makes you money on any particular deal.

It's a crappy designed a/c system which can't cool the house sufficiently?

I believe this varies by city/state, but in California, designating a prepaid "last month rent" means that it can only be used for that purpose (even if the rent goes up during tenancy) while the security deposit may be used for repairs, damage and for any unpaid rents.

I am in the process of finishing construction plans on a really cool industrial design loft multiplex.

If you do need an owner rep my first suggestion would be to approach the architect who did the design and see what their fees are for doing this.

Yes consult the entire design team, architect, structural, civil.

Because I'm an engineer, my first step is to draw up plans (do a design). 

@Nicholas Gessner actually that happens to be one of my listings, zoning is area specific, LH (limited historic) where you are looking is designated ground level can be retail/office, upstairs can be residential.

This will give you leverage in the future and the knowledge you need to effectively interview and manage a relationship with a good contractor, if your goal is to get RE going while using your earning potential in IT simultaneously.What I'd be looking for, is a house that you can finance - but that has good value add projects (often these are houses that are solid, but just need aesthetic updating).