Once all the concrete is out, start fresh with modern backer board. 

The family just wants a fresh start as soon as possible.

No room for mistakes or do-overs (although it is easier to hide a newly dead carpenter or electrician who crossed me under a freshly poured back patio).

The new wood could definitely use to be painted white and I will probably do that once the weather warms up but I do think the fresh paint will make the rest of the garage look even worse!  

In my area good tenants expect updated even freshly renovated houses.

You are in a different and much more sophisticated arena with MF so it is up to you to uncover what the  more appropriate numbers are.  

I am looking for a web site that will list apartment buildings that are either in foreclosure or fresh REO nationwide.

We will uncover the rest of the house and figure out what to do with all this old growth fir plank.

Why not just have something built fresh where I can critique every detail of the building on its way up rather than sitting waiting for a deal that has downsides to it wich u won't be 100% satisfied with.

HI Drew, When I go through the apartment with my tenant to sign the lease I open up a fresh pack of batteries and put them in.