The month to month lease I inherited is silent on responsibility, but the PM company deferred to the local law.  

I recently scored a 13-unit building in Tracy; I expect it to be a real cash cow, as soon as I catch up with all the former owner's deferred maintenance. 

It is a four unit building which comes with the plus side of being able to use a residential loan (longer term, lower rates), but make sure you're not overpaying based on other 4 units in the area.Lastly, I'd make sure the building is professionally inspected so you know if there's any deferred maintenance or any large capital expenditures that are looming on the horizon.  

(Changing this soon, and the tenant will start bearing electric bill for a small discount in rent)Deferred maintenance - Only cosmetic. 

This would defer all the capital gains not just the 500k exclusion.

Alternatively, you can defer some of the upgrades, or do them in small phases so as not to hamper your liquidity. 

-Buy and Hold long term with periodic refi distributed back to investors-Systematic refi or infuse syndicator equity to buy out investors-Sell in specific time period...with or without the option of 1031 tax deferred exchange into a new asset.

Oh and defer to the experts rather than trying to reinvent the wheel.

Nope, not for a full deferment of taxes. 

That means old systems (electrical, plumbing, HVAC) and likely plenty of deferred maintenance and repairs just waiting to bite you in the bootie!