So all the floors in the property will be replaced and some ceiling will be replaced. 

These are reserves that you set aside every month, so that when something eventually needs replacement (i.e. roofs, foundation, HVAC, electrical, plumbing, etc.), you have the reserves set aside to pay for it without killing your cash flow for the year. 

A forum does not replace an actual course.

our ducted aircon (contracted lease) has died. what r our rights if he doesnt replace it promptly

I replaced the carpet when I purchased the house.

I represent the owner of a recently renovated 12 one-bedroom/one-bath, living room, dining room, new modern kitchen apartment property located in the Plaza Midwood area....everything has been replaced.....extremely nice renovation....new roof, new bathrooms, new kitchens, ring doorbells and smart locks....looking for a master lease group with experience and capability.....let me know if this could work for you.

One of my concerns is if  I go with rent to own and the furnace craps out,,I'd probably be expected to replace it, or the renter would probably just move out, so is a bigger risk.

If I remove all the trim I would replace it with new trim throughout the house .

You're buying the future cashflows of the property so a corporate signature McDonald's is going to trade for a similar CAP rate across the country, all other things equal ( term remaining, scheduled increases, NNN or Absolute, etc.)If you are looking at some kind of local single or multi tenant building, then your local market will have a larger effect to factor for likelihood of replacing a tenant should they leave.

Use the cash from your non-1031 sales to reduce debt on the replacement side.