I also suggest you have an inspector come out and give you a punch list of the inspection items, most importantly, electrical systems, plumbing systems, roof, and HVAC.The kitchen and baths are a full gut, the obvious new flooring and paint in and out, landscaping, new electrical and plumbing fixtures, and then you have some major dry wrought (likely some termite issues too) and stucco repairs.

Refinishing hard wood floors, installing hardwood in one room that had carpet, new stainless steel appliances, venting out bathroom and kitchen range hood, all new paint, new light fixtures and door knobs, lots of plaster and patch work, new fixtures in bathroom, keeping tiles in bathroom and shower but doing a super heavy cleaning, refinishing existing bathtub, new glass windows (new glass not entirely new windows), nee tiles and grout for kitchen floor, sanding and painting cabinets (nice and white) in kitchen, keeping existing countertop in kitchen (not granite but clean and looks nice, installing dishwasher....I think that covers it...SO - here is the last piece of the puzzle...the kitchen has a drop ceiling.

Bought a new break too...learned how to fix it myself ($200)Painting three newly empty units (bought full, but... half the leases were up at purchase)Management company 10% (glad to have them, as this is my first purchase)Putting in a sidewalk, as the previous owner ripped out the old one to the laundry ($400)That being said.....

Think about this. one tenant moves because you raised the rent $150 and now you have to invest $2500to $5000  in carpet and paint and misc.

., don't know the vintage of your building, but if there is lead paint and/or asbestos, demo can get more complicated. 

They also cited me for a damage to drywall (Section 8 [Chicago Housing Authority] cites landlords for repaired drywall that hasn't been painted).

All in all the damage was very minimal and most of it just needed fresh paint or cleaning.

They are mostly older homes and need significant renovations if you want to compete with the other Airbnb's in the area.Other metropolitan areas are fine, since you can mostly rent a well-renovated home and just furnish it - but since the homes in JT are always in pretty bad shape, you'd need to paint, maybe replace some floors, maybe install a pool, etc.

totally upgraded the kitchen, and bathrooms, New landscape, lights, paint.

the investor chose me because we use the same floors, paint, materials on our own houses and have it down to where he didn't have to make any decisions.