We made a mad dash to get it finished before weather turned so we will have some excellent exterior photos.Inside we have 5000 sq ft to paint/carpet/lighting/hardwood finishing and some misc. 

Hardwood, floating floor or carpet?

The home had great bones and only needed a few updates, including new carpet, paint, bathrooms, refreshed basement, and 3 seasons room.

Sure, the turnover rate will be higher, evictions somewhere more or less constant, properties will always need new carpet and a fresh coat of paint at least every other time a tenant moves out.

Although I paid only $150K on Okaloosa Island before the housing bubble, I did cash out on some equity to consolidate other debts and make some improvements (tile instead of carpeting, etc.) and my mortgage payment and HE loan are not based on the $150K.

@Mike BecherHi Mike,Double entry bookkeeping and the decision making that goes along with doing it (plus how to set up and use the software) is a large knowledge base.An efficient way to learn (about it) would be to hire a CPA to do your books (such as on Quick books) and ask a lot of questions.As an owner focus on understanding the monthly reports they give you, and understand exactly how each line item is generated.For instance if you buy a new Pencil Sharpener (roof, refrigerator, carpet, take out a loan etc...), what does that do to the reports, and what does that mean to you.Good Luck!

Plan was for new carpet / flooring, new paint, and a new fence for privacy in the backyard.

They should have someone readily available to do carpet and paint.

They had 2 cats and now the carpet smells like cat pee.

Does anyone know of someone in the Las Vegas area that installs carpet?