I know one homeowner who was accused of removing a second story porch (violation was painting the railing) in order to avoid fixing the violation. 

Be prepared for inspections and long failure lists (chipped paint, torn screen, missing light globes).

The difficulty that I am having is when it comes to larger items, such as New HVAC and knowing how much to put away given its useful life when a property is acquired, Painting a property, new roofs (along with determining its useful life), redo of blacktop for parking lots (especially older properties).....these larger capital expenditure items are a lot more difficult to determine in my opinion aside from putting money away for unforeseen maintenance items or vacancy. 

All the units were recently updated and and painted.

When beginning, or choosing a new market, what resources are used by seasoned investors to determine suitability of a market?

If you choose to use someone without proper credentials it could devolve very quickly into a very expensive series of repairs.

@Matthew Miller if you Google Steve Ferguson realtor longview tx that's his number tell him I sent you he is my leading choose right now but we will see.

And unlike a roof generally carpets and flooring and paint etc. are expenses and deductible in the current year.

I am still trying to understand why people are choosing to take this route on a rental property. 

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.