I think this is safe as you don't have a lot properties with zero equity.

Plus the cost of removing plumbing, working around windows, blocking joists etc.I see basements on a regular basis with overkill fixes, i.e. one wall had a problem and instead of bracing one, they braced all four just to be safe.

If the bathroom would be able to be used safely while the reno is going on, I'd just offer the tenant a bit of a discount for the inconvenience.

If you are laying tile then use the cement based boards.I am suggesting you safely encapsulate the existing vinyl tile and leave it alone.

Today, we need much more electricity and most K/T systems are not up to the challenge.Hopefully you figured in the cost of service panel upgrade, total re-wire of circuits, outlets and switches, plus the reno/repair costs that will be required after the electricians finish beating holes in the walls and ceilings.We know it is a major chunk o' change, but after completion you will have a house that is safe and up to current code. 

Your PM is supposed to help provide a safe and clean place for the tenant to live, not make tenants feel (potentially) uncomfortable and unsafe.

While I think that is wonderful, I do no agree with living life in a straight line and doing what is considered "safe". 

Seems like Home Depot is a pretty safe bet.

Proc. 2004-51), the IRS provides a safe harbor to facilitate reverse like-kind exchanges.

I don't know how much money you have but I suspect there are a very limited amount of deals you could potentially do if you had to dish out $135k for each deal.This deal looks very safe and conservative either way.