There's a thousand different things to do, just make sure you aren't leaving anything out that most of your competition is doing!

If it were mine, I would (probably) make the interiors up-to date modern so that it is not super obsolete looking in 10 to 15 years.I would do them as they turn--one unit at a time--and spread the financial hit out over time (both the added turn time and the added out of pocket).I would also check the water heaters for age (service life) too, as well as doing any electrical upgrades when the walls are open (adding additional GFCI outlets or etc...)My rational about this is would be, can the place get market rate rent simply by painting over the paneling (which seems low end to me), and what is the close in competition offering and getting in rent?

This is only possible with low buyer competition like we are seeing now.

There is tons of competition, what do you do that makes you different or better?

You can lower the rent or enhance the property to be better than the competition.

I even use to hear Brandon Turner push Driving For Dollars on newbies quite a bit.The competition also appears to be exactly the same.

Family member decided to sell and I made a competitive offer.

So my situation may not apply to your market, but here's for your reference:They are charging me 15%, which is very competitive in my market. 

I'd love to be on the opposite side of that.One thing I heard from a real estate agent is that some of those guys have already pressed the button but are going strictly off-market to prevent people knowing their selling publicly and to cause that glut. 

The market has been competitive for MFH.