I put a lot of work in... new paint, refrigerators,and refurbished hardwood in each unit. new cabinets and cut out wall with counter top in two units. had the floored pulled up and tiled in one of the kitchens as well. new coin operated washer and drier in basement. separated the hot water heaters and boilers of each unit because they where all on one big meter because it was owned by an agency. a lot of work at least for me, i put in a lot of time as well has hired friends and a contractor. however i still did not spend the 45k i projected, i spent under 15k big difference but could only get the price down to 140k. 

In addition to the regular painting and flooring, are you also doing windows, kitchen cabinets, counters and baths?

Homeowners spend a lot of money doing bathroom/kitchen renovations for the holidays, so expect your tile, fixtures, cabinets, and even appliances to be a little higher than in the summer.

Or would you try to find a painter, people for flooring, people for cabinets, carpenters, etc.

The home seems to be in good shape and could use some slight updating (kitchen cabinets, floors, paint) I was using the 50% rule when determining the cashflow but would most likely manage the property myself as it already has tenants

I would check my own filing cabinet, unless I pitched it.

I did a full rehab on the house including the following:new kitchen cabinets and granite counters with tile backsplashtile floor in kitchen and laundrynew appliances (no frig)new vanities in baths, tile floors, bathtubnew garage doors with openerslaminate wood floor in open living/family/dining areanew carpet in hall and 3 bdrmsall new heat/air registers and return air grillsall new outlets and switchesreplaced windows (vynil)removed all holly bushes at front and had a dead tree removed from backyardinterior paint replaced water heaterrepaired vynil siding and gutters as neededpower washed exteriorwood shutters on front windowsnew front door and storm doorI closed on the purchase of the house in Jan 15' and am scheduled to close on the sale side on July 10th.I am a remodeling contractor by trade and had every intention of doing my best to be "hands off" on the rehab, but it didn't work out that way.

Too good of a deal on the counters and cabinets to pass up.

I bought my cabinets and appliances on the credit card real close to finishing so as to not have to carry a huge balance long.

Great job on the cabinets!