Like @Michael Plante said, she's already paying maybe 6% to her listing agent, you not getting a Realtor only leaves more of that money in her agent's pocket for having an easier time negotiating with a non-professional.  

This is just one metric people use, and if you find a true value add I am not sure it is the best.

I am not sure you need a lawyer at this point, but it might be a good idea....If I were in this situation, I would immediately require that all repairs/maintenance be done by professionals only, and not by the tenant (hopefully per the lease).

I would encourage you to avoid the true C class areas.

I read that it is about $100 per sqft is it true in Denver?

I've read that you can find mortgage professionals to assist you in applying for conventional loans with no seasoning period?

Also, if I had it professionally painted, it's $1/sqft.  

Professional fees that relate to producing or collecting taxable income or receiving tax advice are deductible. 

Questions for your Property Manager.1)  Are the pictures professional - Take a look... if they are not shot with a 35 mm, edited and virtually staged... they didn't put a lot of effort in.  

The cash on cash return is around 11%, The property has been fully rehabbed and I've had tenants in place since April, under professional property management.I'm looking to continue growing my portfolio, but I need to pull as much capital out of this property as I can.