Even if it's just a coat of paint & cleaning the carpet, that all costs money.

Assume that the unit is all tile, no carpet.

We're not up for a complete rehab but carpets/paint/general repairs could be doable. 

It also doesn't cover your repairs or maintenance INSIDE (carpets, paint, repairs, appliances and so much more).

Both carpeted bedrooms need to have new carpet.The kitchen seems to be a mess with 3 missing drawers, no idea how those could be replaced so I'm guessing new cabinets are probably necessary. 

Here is an example: Lets say I buy a typical 2400-3000 s.f. home in a desirable neigborhood in my local area that was built in the 1990's and has the typical builder-grade finishes of that era (plain oak cabinets, formica countertops, wall-to-wall carpeting in the living and dining rooms, plain 4 x 4 tiles in the bath--you know the type--serviceable buy "dated"--we have LOTS of them around here!) 

So if you have done a paint and carpet or more, I'd start calling around.Alternately, you might want to find either a hard money lender or, like your friend, a private investor.  

Maybe it is customary there but I wouldn't put carpet in a dining room. 

Install some really cheap carpet, so that the home is move in ready, but could be customized by the new owner if they so desired, and they wouldn't feel guilty about removing the flooring.2. 

I told them if they keep it out of the third floor (where there's carpet) it might be a possibility.