Carpet isn't the answer here since it will always be worn and dirty in a high traffic area as this is. 

You MUST find someone with experience with the loan, otherwise it can get messy.

The book keeping and taxes get messy since (eventually) the house will be producing income into my personal bank account.2.

I'm looking to replace the carpet in one of my rentals with Luxury Vinyl Plank (unless laminate is a better option).

carpet is always great for noise between apartments, too. 

If you have a bunch of invoices/receipts for one-time repairs (hot water heater is one time, cleaning a carpet is not) that line up with what you wrote off for "repairs," provide that as well, and in the future see if you can "depreciate" stuff instead of "repair" stuff.

I don't go for percentage, but if it's a simple flip (paint carpet countertops) I shoot for $15k. exterior work, damage repair etc I want $20-25k.

They might or might not have formal education, but they will have the practical experience in your area that will be invaluable. they know the local contractors, sources for carpet, etc. one more thing, I decided I liked the look of one of the investors interviewed on BP, so I followed him into his online class.

Seller is behind $12,400Balance Owed is $178,000ARV is $240,000Cosmetic Rehab $5500 (Paint/Carpet) Build in 2012

Cosmetic upgrade, including paint, flooring (3mm Vinyl Plank and carpet), updated bathrooms, painted kitchen cabinets and added Butcher Block countertops. 1 week on market and accepted a Full Price cash offer.Link to listing: www.PaulLeason.com/19001323 What made you interested in investing in this type of deal?