We learned this the hard way in JP the first time we turned over a 3bd; left it offline for a month to gut bath and kitchen, ended up not renting it until February (only willing to drop rent so low - we were positioned to float it, just would rather have not - but feedback was all "I don't have roommates yet but I love it..." and we didn't want to match-make, either).

I signed a contract at the beginning with a GC that was more general than I wanted considering the large price tag, but he kept saying that he couldn't make it more specific until they busted up the concrete to see what was really going on (lots of unknowns due to age and character of building).

If so, I'm curious if you are pleased with the services they have provided as your property managers, and if you are "surviving" with the low returns that their turn-key solution offers. 

I know a lot of homeowners would like to do the work themselves and turn a profit on their investment but generally lack the finances, knowledge, etc to do so.

The problem was the postal sorting equipment was turning it into a nice suspicious white powder. 

Just getting started in wholesaling and someone calls one of my bandit signs!

If you're managing a lot of units (as of today I own 39 and growing) you probably want to reduce the # of showings needed to get a lease signed right? 

That way you have some money coming in at all times.If you had a contractor that had a large enough crew and gave you a discount for doing both units quickly and at same time then it would be worth wild to just get them both turned around as fast as possible and rented at market rents.I self manage all my properties.

Bottom line is, if your friend wasn't happy with the terms she should not have signed the lease. 

Though with the next down turn in the market (whenever that is and how bad is a role of the dice) foreclosure rates will go up for sure.