You are covered.

As the tenants move out, you find a really good project manager or someone that can help you with light rehab some paint and carpet work while you use professionals for the heavy stuff like changing a water heater. 

If you are thinking it's the money...Note that the hard money lending industry has that covered. 

However with 2 units being rented I am able to almost cover my costs. 

Of course there are some good podcasts that cover real estate, finance and economics that you find helpful.  

That many people will place heavy amounts of wear on a property.

Can I raise potential May rent now or should I just cover that on an eviction letter. 

In NC, the easiest way to accomplish what you are looking to accomplish is to have a long enough DD period to cover your ability to vet your concerns.

During this time, the markets have been pretty favorable and probably have covered up mistakes that would eliminate (or created negative) returns in a down or flat market.Really depends on the investor.

The borrower and the asset itself.Borrower:Your credit (are you a trustworthy borrower), are you capitalized enough to float this project/ cover the debt, track record (borrower/ contractors experience).Asset:Comps (as-is & ARV), LTV metrics (lender can help verify these if you have questions), detailed budget and scope of work, tentative schedule, exit strategy.Of course any lender/ partner will dive in a little deeper after the initial pitch but if you have all of the above ready for your initial conversation it will go a long way in getting deals approved/ partners on board.