I was red tagged, had a visit from L&I, worked with what seemed like impossible inspectors.

Need to have deep pockets to survive when the investment property values tanked and passive income(i.e. rental) stopped.

You need to take a deep breath and take the emotion out of the analysis.  

But generally speaking if the closet is a walk-in and extra deep or something to really make it stand out then dress it up.

Let me do a deep dive with you...Case 1 - broker on this listing told me downpayment needs to be 70% ish for loan to go thruhttp://www.loopnet.com/Listing/20250266/140-N-Pass-Ave-Burbank-CA/Case 2- my one friend just bought a 44 units C- Class MFH for $2.45M...each unit rents $650 per month...

My fear would be getting too deep into too may properties at once which leads to inefficiency and lots of wasted $$$ without a number of systems in place. 

The power of having time to myself to just breathe, sip my coffee, and go deep within myself for a little while was really powerful and there were a few things that became apparent:1.

Unless your pockets are very deep and you are just parking cash, cash flow is usually the most important factor and appreciation is a nice bonus .

So you will have to either have deep pockets or have a group of investors willing to wait 5+ years to see any kind of return (historical lease up periods for new MHCs).

You're not going for a deep sanding to bare wood.You need an oil-based primer like Kilz Original to start with after the scuff sanding.