Yes.A well-maintained investment attracts better renters who pay on time, stay longer, and take good care of the property.

Doesn't make sense to me given that typically ROI includes the impact of appreciation as well as any other financial benefits.

What red flags should I be aware of?

Well I looked into the document and lo and behold it was in the policy.  

Do you think it would be better for her to hang on to it until spring and try to sell again for the higher price?

Maybe we are competitors, but would be interesting to see how, if at all, we might work together/collaborate.

Lots of free info and education out there but if that was enough you wouldn't be on here asking.there's too much to it to explain on a forum post, but that doesn't mean it's hard.just make sure you get the price right and finding help or JV will be easy.

You should be able to file that partnership tax return as final and pick up any of the income and expenses through the final date of that return. 

It could just be me but, I know apartment buildings are heavily slept upon.

Your options in the Iowa Quad Cities are going to be Davenport, Bettendorf, and our surrounding mostly newer suburbs, which tend to be more expensive and less likely to cash flow.