Hard money lenders can work much faster than banks or other traditional lenders.

Off the top of my head, the cost of a 3.5 ton AC unit is $725, shipping $100 is usually about $100, but other items are on that order.  

And the previous day "you may want to reconsider that offer, they've just upgraded all these items..." having to do with my awesome, yet embarrassing, offer.  

Regarding traditional lenders and hard money lenders - go out and meet with them, and learn what they offer and what they expect from you.Go to your local investor clubs.

(Just FYI: in the state of Arizona, on a fourplex, the loan limit is $521,250 - significantly higher than the traditional $271K that everyone thinks of when FHA is mentioned.)  

I'll order technical inspections for structural items (foundation, roof), but otherwise I know I'm buying something that needs a lot of work.

This was common many years ago, but if you ultimately want to go with a traditional underwriter (freddie, fannie, etc) then you can get into trouble if the seller (landlord) has been giving you money (rent) toward your downpayment.

In your example, a $5000 +/- on expenses can swing the cap rate from 10.5 to 12% may not seem like much but depending on your debt cost could be significant.Lastly, some items should be easy to estimate (taxes, insurance, etc..)

Are you of the opinion that this increases your capex (which is not a line item in your numbers), and perhaps some other expenses as well?

You might want to start the eviction process with the notice to pay rent or quit and see how she responds...she might just move out..and if not, follow-up and get her out of the property.I don't think you can start removing items from the property...you'll likely get it hot waters!!