It's a pretty light job, needs new flooring, interior and exterior paint, resurfacing the kitchen cabinets, counter tops, landscaping and a few other minor things, doors, trim, broken toilet, ect. 

He does mainly decks and other exterior work, but does a little of everything.Also, does anyone know of any resources or guides to learn how to categorize expenses and do bookkeeping for this type of business?

To name a few:Base your underwriting on how you will operate the asset, not based on how it is currently operated or based on the broker's pro formaCreate a budget for each year you plan on owning the property + sales assumptionsHave an upfront operating account fund in addition to ongoing reservesBased the market rents on your own rent comp analysis, not the broker's rent comps15% contingency on top of interior and exterior rehab budgetConservative annual income growth assumption (no higher than 3%)

The tenant is given in the lease the responsibility in my leases to clean the exterior staircases and walks and maintain the lawn.The tenant is also given in the lease the responsibility to shovel the public sidewalk in front of the home from snow and the lease spells out that if it is not shoveled after a snowstorm and creates dangerous conditions, we will shovel it immediately and without notice.If the tenant does not maintain the lawn, we give notice and show up 24 hours later.

No HOA means you're responsible for interior and exterior.

The rats will be able to chew through plaster and drywall, but if you seal the exterior wall on your neighbor's house it will prevent them from entering.

Saves a few bucks for aesthetic damage, I have bought 2 fridges that way, put a magnet over the slight damage and no one notices.

After closing, I had the painter start working on the exterior, while I cleaned up and was finishing the interior with the list that I had wanted done.  

Needs about 8k in exterior repairs.

It was another costly mistake… Check for the pipes close to the exterior walls.Despite having the adequate heating in the property and your tenants are occupying the unit, you may have pipes running between the exterior and the interior walls.