Agreed, looks like the 2 properties I've got accepted offers on would be in the $50-75 range each, really not a huge deal and if they keep cleaning up the city I think its well worth it.

I have seen rents rise obviously and to be honest I do think it's affecting the quality of people that we are able to get into a home. 

I also like to pass on utilities to the tenants so the only expense that might grow would be insurance.Alternatively, I'm considering doing short term rental on two of the units and renting out one of the units to a family member who would help me turn over the two other units between bookings (they will keep the cleaning fee).

Use VRBO if you can, higher quality of hosts, higher quality of guests.As Airbnb is preparing their IPO, they'll publish their prospectus soon.

I had previously been told by a contractor that Lowe's and Home Depot don't have the same quality fixtures as plumbing stores. 

The disadvantage is that you can't clean the outside of the upper pane very easily unless you are on a ladder.

Having $3MM of dry powder during a potential downturn is EXACTLY where I'd want to be, not invested in a property that is simply treading water, especially in a more expensive market.I am of course assuming a downturn, but there is no denying that even very active money (i.e. more time available to spend on adding value) is having a difficult time finding quality deals today. 

I want a C-corp to keep my schedule E cleaned up to be attractive to lenders, I want that extra w-2 income form the C-corp.  

Appliances, and some general clean up.

Just a little paint, plumbing, carpet cleaning, and a couple of new (used) appliances.