A few things I'd add to it are:- Pet deposits & pet rent- Reduce turn time- Add washer & dryer hookups if possible- Covered parking- Depending on the location & market; rent one unit as a short term rental- Reducing common area electric

The smoking deals I just had to cover the carrying costs.

If I ever need to throw $1,000 from personal savings to cover a surprise I am happy to do so in the name of creating this cash machine once paid off and retirement hits. 

leave the capital gains out.Regarding the loan to buy the house initially and cover the renovations is through a separate bank we work with.

Once I retire in a week, and get the 457 money, it will give me roughly 80% of the down payment.I'll probably use a bit of my existing HELOC to get the rest of the down payment.I could ask my credit union about increasing my HELOC so I could use that to cover all of the down payment. 

It's basically insurance to cover the lender for the risk of making a loan to you.

If your down payment isn't enough they make you take out a second personal loan at something like 10% interest to cover the difference.

Could the payment be covered ?

Ask for a cost reduction that will cover some of the work, maybe $1k?

It was gutted by fire, holes in the roof, covered in junk, condemned, etc.