We fixed all the issues with the home, water damage from the chimney, ripped out old carpet, installed laminate over almost everything.

Not sure if we're talking illegal amounts, but it was strewn about and a mess (on the table and the carpet).

We also removed the old, stained carpet from the stairs and added wood treads that matched the hardwoods throughout.

How much should we know about the physical aspect to real estate such as the structure, carpeting, walls, plumbing, style, etc. before investing?

I also own a carpet/floor cleaning business for those folks in Metro Phoenix who need help with getting a Great carpet cleaner, I would definitely take your advice in exchange for my services.

We usually put laminate down instead of carpet.

I added value by installing all new systems, finishing attic, expanding attic bathroom, expanding kitchen, new flooring, new carpeting, all new tile, appliances & granite counter tops.

Mine was a heater coil with so much dirt and pet hair it looked like a shag carpet was draped over it. 

For someone to flip this thing you would want new appliances (3k), carpet in the bedrooms (4k), HVAC (6k), paint (8), misc (4k) = $25k.We can call ARV around the 285-290 mark for a pretty solid deal.ARV = 290k75% = 218krehab = 25kCould probably wholetale at like 240-250?

For instance, if in your market you can get away with laminate flooring instead of carpet, then go with laminate flooring.