I tend to over spend on kitchen & bath faucets, upgraded doorknobs, lights and ceiling fans with remotes.

Let me begin by stating I know deep down inside my dad is ridiculously proud of me and wants me to reach my dreams and potentials, but in light of a freak flood last summer that destroyed their home I can't help but feel guilty.

You can either wholesale these deals, or rehab - I would try and build a warchest with a few wholesale deals first and then jump into a rehab if you find something especially interesting.FYI If you are buying a property that will sell for $70k even with a light rehab you need to really look closely at your numbers to show a profit especially at the $40k price range.

I am investor friendly bc what I do for them is second nature, not extra work.

Never had any problems with a newer unit with pilot lights.

Fresh paint, new carpet, replacing flooring, shiny new faucets, replacing light fixtures, etc. go a long way in their eyes, cost very little, and in most cases can be done in a day.I think your heart is in the right place, but you have to think like a businessman, not a friend.

Still needed is some finishing touches, the light fixtures, equipment installation (kitchens, baths are there, just not installed yet).

Guess they needed the bedroom doors open but could have cured that too in that set up with a 3 foot duct.I have those in small houses now and natural gas bill is 100 bucks at highest in winter with months either side of that at half that. 

I haven't set up a solo-401k yet but will be in the near future so now I am learning as much as I can to make sure I don't step into mud without knowing it.I believe based on your post, I really do need to hire a property manager to handle everything from assessment to executing a solution to whatever problem might creep up.My original thinking was as the 401k fund custodian I can't do any physical work but I would be able to take calls from tenants, as well as going there to assess the issue, for the purpose of determining which pro to call in to resolve the issue.However I also know while assessing the issue often time I might end up having to do physical work - such as reaching inside the cabinet to turn off the water valve, or flush the toilet to see what's happening, or opening and closing a window, or even turning on or turning off a light, those are technically all physical work right?

Sometimes you may have to empty the place because of some critter infestation :) then naturally repairs f you have to go as far as tenting it to get rid of the problem it may be worth it if its squatters you maybe able to arrange a deal to get afew tougher ones to hang around I know of one gentleman who if they have a car (he has a fancy high dollar pellet gun) starts with the windows after replacing some catch on if not have known him to pop the folks directly a time or two.