I keep everything in the account and allow it to grow for the next investment or property improvements.

The bigger upside than cash flow is actually appreciation...not from market appreciation but by increasing revenue and NOI and making improvements.

If it is a more conservative core or core plus strategy (i.e. no or little improvements to the property), then the majority of the return is going to be from income.

Pics are below.My question is how do I get this paint off the walls in a quick and efficient way.

If the improvements you mentioned are correct, raise rents and extra parking, then it looks pretty decent to me.

If you want to get your hands "dirty" and you like improving things, then go into flipping.

I'm totally ok with the idea of not improving my standard of living substantially, now, though. 5 years down the road I might crave those upgrades more, though.I don't think you're looking at it wrong.

But it’s always good to know the rules so that you can execute your plans more accurately and efficiently.

I am just gearing up to be a long-distance landlord and want to make sure my process is as efficient and all-encompassing as possible. 

Do you have the time and energy to do it?