When we buy a new property we give any month to month tenants the option to sign our new lease or to lease (and they get the correct amount of time-based on what state it is in if they choose to leave.

At the turn, all of the units will need some rehab (mainly cosmetic, carpets, paint, etc). 

Kitchen was doubled in size, full paint inside and out, re-glazed bathrooms and new flooring throughout.

The kitchen had already been redone, so that expense was deleted, all we had to do was paint, and we've installed new carpet, and so far, new flooring and a new shower surround in the master bath.

New carpet, Paint, and a new shower surround in the master bath.

That will help you choose a market as well.How much of a down payment do you want to make?

You choose your own GC which needs to be approved and repairs are done after closing.

Anyone have good luck with the rustoleum product to paint outdated countertops?  

Paint with washable paint so tenants can use a magic eraser to wash the walls.  

Having done 75 buy-sell deals 2003 thru 2010 and subsequently losing my entire portfolio 2008 thru 2013, I've been clawing my way back from a position of no cash whatsoever and remain deeply entrenched in the 'turnaround' via being a painting contractor, flipping the odd house here and there, and as an agent with Keller Williams (focused mostly on higher-end mountain properties).