I flip houses with hardly any rehab, maybe a slight facelift such as paint and I never hire contractors.

I no longer do yardwork or other monthly items that I can effectively pay someone else.I will say that turning a unit over take time, between cleaning, repairs, painting, etc, I spend about 5-15hrs on each unit.  

Other relevant aspects that need mention for repair evaluation - HVAC unit is inoperable (not listed in the listing, but known from previous owner), there are areas of permanent construction that need to be torn down due to no permits, carpet replacement, total bathroom overhaul, complete kitchen remodel, yard maintenance, inside / outside paint, stucco repair, electrical repair and other interior cosmetics and so forth.

He thinks it only needs an updated kitchen, bathroom, paint, & possibly carpet.He "says" he wants 115K, which he feels should give me enough spread to make a profit when "I fix & flip it".

Things I have come across that can lead to saving money, time, and headaches:-Smoke detectors with long-lasting battery-Low-pile and stain resistant carpet-Heavy-duty tile w/ lifetime guarantee -Long-lasting light fixtures and bulbs-High-gloss paint (easier to remove stains)I am curious to hear others weigh in on these practices and provide others.

But I've read a lot about making sure your lease complies with state laws and such and EPA lead paint restrictions and on and on... its all slightly overwhelming...

House is empty and needs a tub installed, a lot of paint, and a lot of junk hauled off. 

Since she would be temporarily bothered by contractors laying tile and painting etc I added this to the lease:3.

We view this property as an ideal first home for a young family with one or two children.Comparable properties in the neighborhood range from $120k-$150K in 2010/2011 to $130K-$165K, and averaged $88/SqFt per sold home over that period.Needs: 1.New Roof - $7000-$10,0002.New Windows - $4000-$60003.Kitchen/Wall Removal (bigger eat-in kitchen) - $6000-$10,0004.Upstairs Bathroom (gut/replace) - $2500-$40005.Update Electrical - $1000-$30006.Patch/Paint Throughout - $1000-$25007.Update Front Porch (Curb Appeal) - $1000-$20008.Floors (Sand/Stain Downstairs) - $1000-$15009.Floors (Replace Upstairs) - $1500-$2500Addition: (6’x15’ Mudroom/Laundry/Half Bath off rear of house) This addition would help attract absolute top dollar by providing space for a first floor laundry room, an additional first floor half bath, and mudroom at rear entrance from garage.

I could easily get $650/month for these units as is, and could almost certainly get $750/month if I put in some new carpet and painted.