It's nice that many landlords tend to keep the rent static, but if the tenant is just wasting away as many do, and with costs and taxes rising, it might not be such a good favor. 

We get TONS of calls.emails from wannabe investors trying to pick our brains for FREE market info, WASTING our time!

The fact remains its a total waste of money.  

Tearing out all the walls is really overkill if you have good condition plaster.  

In the past I have worked on a few projects where we installed through the wall a/c units in sleeves.

These wholesalers are not only wasting money but loosing opportunities. 

PS: If you're really afraid you're going to fritter and waste your money away before you get a handle on things, take all/virtually all of it and put it in a 6 or 12 month CD at your local bank.

I guess I just wanted to feel philanthropic I suppose - but perhaps a waste of time…

The bathroom walls are falling apart and need replacing too, and we're unclear if we should finish replacing all of the floor FIRST or if we should replace the walls now?

Down the road you’ll get an inspection but to make sure you don’t waste your time and money - verify the age and condition of the big ticket items - roof, HVAC, plumbing, wiring - those capex items.