Also note that you can transfer the title to an LLC after closing if you are okay with ownership being messy in the beginning with your partner. 

If a cat urinates on carpet, it can soak through and get into the subfloor and may not come out.

Carpet/Paint, etc.

Fresh paint and clean carpet will be assumed so really don't drive value.

When they leave, I will most likely have new carpets, and flooring installed, as with the basics touched up.   

Nasty blue and pink carpet and paint everywhere.

We put about $40,000 into this house (way more than it should have cost) with brand new high-end cabinets, new solid hardwood floor, carpeting throughout the rest of the home, and a new bathroom.

I believe with closing cost,carpet, paint, and down payment it would end up costing me around 23k to purchase this property.

Question for discussion: If I'm interested in getting more experience on the rehab process (replacing carpets/hardwood floors/tiles, drywall, or other general kitchen/bathroom maintenance), would current investors doing a rehab be interested in having an additional helping hand for free?

Replaced all old carpets with wood flooring, replaced the vinyl in bathrooms with ceramic tile and updated the faucets; repainted entire unit; replace all kitchen appliances which were very old and rusted.