Having to change out that carpet once without it being covered by the security deposit will add up to almost the same as if you had just down the vinyl planks from the outset.Here is another related thread; read my post there for my opinion on getting more than market rent:http://www.biggerpockets.com/forums/52/topics/66798-rental-upgrades

I would request the tenant's entire file which would include application, credit/background info, copies of identification and security deposit information.I believe security deposit will be transferred/credited to you upon closing, but you can get clarification from your closing agent/attorney.Once you close on the property, send the tenants a letter introducing yourself/your company as the new owner/manager with contact information, how/who to contact for maintenance request, how to pay rent and what will take place within the next few weeks regarding setting appointments for walk thru inspection to assess for repairs/upgrades and meet the tenants, signing new leases, requesting updated documentation (proof of income/identification ) and things of that nature

I've since upgraded to a more practical (used) BMW X5 (the utility is much better than with the CTS).

I collected all of the rents, made all of the repairs along with telling him I would upgrade the electrical services and painting the exterior of the house.  

With minimal upgrades inside I should be able to get 650 out of fourth is not a little more, depends how i spruce up the place.

Even an appraisal is someones opinion based on information that is available to them.Depending on how specific you want to be, you can roughly determine the value of particular upgrades such as countertops and a pool.

I am new here on BP but I will definitely be upgrading my account so I can have access to the marketplace, I think it will be worth it.

We've done everything from built-in large-screen TVs to shower systems to upgraded appliances to throwing in the staging furniture.  

plan to do most of the upgrades and repairs yourselfIf you plan on doing the work yourself, can you then " safely " pay more than the 70% rule states ?

It has to be necessary rehab though, not upgrades of any sorts from what I believe.