I think, for your first investment property, given your experience and time or lack thereof, just go with a newer home, or one that has been renovated well, so you won't have to replace plumbing or electrical or roofs or finishes or fixtures etc. 

Carpet is 5 years (i believe), things like lighting fixtures, cabinets, sinks, vanity, bath, toilets etc, get added to the basis of the house and depreciated over 30 years.I STRONGLY SUGGEST READING NOLOS book!!!!

Jon, We should grab a cup of coffee.

I would put in inexpensive cabinets but doll the place up with attractive light fixtures, cabinet (pulls) handles.

-The apartment I rent has several marks on the wall and small holes from various fixtures.- My new tenants wants me to repaint the entire walls.- I guess legally I cannot deduct the entire painting from the previous tenant deposit as most of the walls are OK correct?

Flipping houses really doesn't seem like my cup of tea.

We are going to be redoing the entire electrical, plumbing, and heating systems, so we aren't afraid to move some walls.The hardwood in the living room and bedrooms looks good (isn't cupping or bowing) but I am not sure if I should spend the time sanding and sealing or if another solution is recommended.

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.

@Terone Johnson both myself and my clients bonus depreciate anything that has an expected life of 15 years (i.e. improvements and furniture/fixture) or less even on smaller multi family units.

If they have to get the fixtures installed in another house, with a buyer breathing down their neck, and they unbox the toilet and it's cracked... it's real easy to run over to the model home and steal the $300 toilet from your upstairs bathroom to get that house done, and then replace it with a $79 Home Depot special later