I would not make any cosmetic changes unless they are going to increase the rental value. 

Minor cosmetic repairs and refenced the backyard.

The drainage issues you mentioned sound routine.

I have property management in place and I will be doing cosmetic repairs as I would like to raise the rent on the current tenants.

Most of them in come good working order mechanically but need a cosmetic overhaul to bring them up to modern standards.

I'd like to find a property that I can fix up cosmetically to raise the value of the home & provide me with cash flow in order to start saving for my next investment.If you've made it this far down & were in my current situation (starting off in real estate), what would you do? 

Cosmetic fix-up and got a tenant in in one month.

We basically stripped the house down to the studs and did a full cosmetic rehab, including all new kitchen cabinets and counters, all new appliances, all new bathroom tile, cabinets, counters and fixtures, installed solid core doors for sound proofing and security, smart locks on each individual bedroom for convenience and security, all new exterior siding, new furnace and AC, new electrical panel, installed all GFCI outlets since old outlets weren't grounded, new LED light fixtures, new exterior doors, and more.

I'm Excited to start making some repairs, mostly cosmetic and become a land lord.

Here is what I gathered from the investors or my own observations/ experience 1) owners don’t pay utilities, sales and tourist taxes, routine maintenance (almost every check out, a touch up paint is needed as guests leave wall marks with their luggage; just a basic example), inventory ( sheets, towels, furniture, and etc) 2) in long term, tenants cover lots of maintenance; so another saving. 3) in long term, occupancy rate is higher and more stable. 4) long term rental rates are high today. 5) townhouses or condos have to compete with the hotels, and Orlando has more of these than any other city probably in the world.