I will need to replace a walkway at a complex I own most of the units.

I’d like to buy a small, older home in a high end town with the idea being to add on an addition with a bathroom, garage, family room - whatever it may need to become a more modern home with more square footage.

We remodeled a bathroom down to the studs, in the other bathroom, replaced vanity, mirror and lighting.

When we moved in the heating sytem to the bathroom was broke, so she promissed to replace.

As a 1031 replacement purchase an investment property with a mother in law suite and treat both as investment for year or so while you transition back. 

One hasn't been updated since 1955, except for the shag carpet that was replaced in 1973. 

You raise the rent and if your tenant moves then that could be the best thing for you because then your replacement tenant gets to pay you the max.

My goals an concerns with them: Cash flow vs appreciation: I own a property in Brentwood California ( high demand appreciation market) I never have issues with replacing tenants I had 50 applications last time I listed the house for rent.

It's a very fair point that if future tenants ruin the blinds I could replace using their security deposit. 

Things like "roof failed - past useful life expectancy should replace".