Thanks Seth, I will alter my routine to incorporate your feedback.Cheers

It Could benefit from a few cosmetic improvements but the layout and the functionality of the property was there. 

Some people ask lessees to take care of things like HVAC in terms of normal wear and routine issues.

I focus on flips but routinely come across good buy/hold deals. 

With residential flips,  due diligence routine  can be sketched as following (feel free to correct me):Sponsor:   Company legal status;   Sponsor background check;   Sponsor track record verification;Property:    Appraisal;   Inspection Report;   Comps;Project:   Financial: Contract, Capital Stack Structure (LTV, personal guarantee?

Also keep in mind that there might be deferred maintenance on some properties resulting in a higher initial capex than routine R&M.

I just bought a townhouse flip and it's full cosmetic redo so a bit different than your project, but here is what I did:- Made a very specific list by room of what I wanted to do and budgeted materials and labor- I'm sticking to that list and cutting where I need to in order to stick to it i.e. bought Pergo instead of hardwood- Lowe's and Home Depot will run deals from time to time on carpet/hardwood/laminet installs check them out.  

SW 13th St, Fort Lauderdale, FL.Duplex 3/2 on each side.Priced at 264,000Think I could rent it out somewhere around 2,200 a monthLooks like cosmetic fixesTried to do the calculator but I wasn't sure if I entered everything correctly.I will be using a VA loan.

Educate yourself well to find undervalued properties that need primarily cosmetic work to bring them up to value.

If you're just painting, doing new floors, and mostly cosmetic work, they most likely don't need a license or permits for that work, but ask the building department.