There is value in "I live there comfortably with my family" so keep that in mind....All the above mentioned items are all valid, but the caveat is you actually have to FIND the deal that's going to be better than what you currently have. 

No point in estimating line item, you want to over budget and almost come with a ridiculous number for rehab so you know you can't lose 

Home Depot would actually move all of the big furniture but she has little knickknack type of items everywhere.

Make a list of all the items I mentioned and ask them directly as many city employees only answer yes and no.

Hi all,just purchased a MFH unit in Joliet IL and have few bad apples that i need to manage effectively and efficiently. one is tenant, grandfathered in for 20+ yrs. believes he owns the property - almost has occupied...

Chris offers a list, but there are a lot of investors that aren't looking for some of those things, and even those items are a bit subjective.The one that I agree with in all manners is fraud risk, but that sort of gets to capital preservation too. 

If you miss a "big ticket item" because you didn't know what you were doing or the listing agent was trying to hurry up and close the deal, could cost you thousands.  

When evaluating a property, what are your automatic no or exclusion list items and why?

. - You are responsible for these items, and not those items (make a list of what is reasonable for the landlord to deal with like broken toilets, leaky sinks, power outlets not working, windows not opening, etc. and a list of what the landlord does not deal with like people making noises outside.

Normally, under the Tangible Property Regulations, both items will have to be capitalized and depreciated over 27.5 years, not expensed.