- Redo electrical wiring and lights- Redo all drywall - New floors - New insulation - New ceiling deck

So you will probably have to cut out a section of ceiling in the unit below to repair the ceiling anyway; you might want to consider doing that now to examine the nature of the water problem better.

Does it have high ceilings?

If there are uneven floors, wrinkled carpet, loose tiles, very low beams or ceilings, poking or bumping hazards, etc. that is trouble waiting for ANY Tenant that can cost you.

I talked to a lot of folks at this point and haven't heard a compelling argument for going with an LLC over a large umbrella before you've hit the freddie/fannie ceiling on 10 mortgages.Best,David

It is move-in ready since both units are currently rented but there are some minor updates I would like to make (paint, ceiling fans, fixtures). 

PM'd you some info.Drop ceilings wouldn't be a tough few-hour project on a weekend.

I don't' think the cinderblocks are filled but would be hard to get to under the eaves and ceiling. 

Replacing carpets after sealing floors, walls, and ceilings with a good oil based primer and you can eliminate most smells.

You need to know which; what that "cost" is to you; and typical current average costs for routine items such as changing a water heater, toilet, or faucet; basic drain stoppage clearing; replacing a ceiling fixture or ceiling fan; repairing typical windows/screens; appliance service call charge (just to show up, this would be plus actual repair cost), etc.