This is what I would budget assuming its a lower class neighborhood and having a handy man do most of the repairs.Possibly a little foundation work (it’s on blocks) - not descriptive enoughnew water heater - $700 to $900 (Labor & Material)needs central ac/heat installed - $4 to 7k for both ac & furnace unitsnew roof (fascia and all components included) - assuming asphalt shingles, ~ 12 squares, probably $3 to $5k (Labor & Material)new flooring possibly some subfloor replacement - not descriptive enough...you can get install a vinyl tile for ~$4...subfloor work may be around $45 to $60 per 4x8 sheet to replace exterior siding work(paint some, replace some) - paint is generally $1 to $1.50 per sf, but could be more if there is alot of scraping, patching, etc (Labor & Material)some drywall work where there are some small and large holes in the ceiling and walls in a couple of spots. - budget $500 to have a guy patch walls for a day or two (Labor & Material)couple windows replaced because of broken glass - if you can replace the panes maybe $100 to 150 each, otherwise full window ~$300 each. 

Hoping to hear from others on a few of my options for the partially updated unit (radiator heat was replaced by ductless AC and new stainless fridge+stove/oven).A few improvement ideas in mind:- Add a dishwasher (requires replacing older, painted cabinets)- Replace existing granite kitchen countertop (cheaply installed w/ misaligned seams and rough cuts, traditional in style clashes with rest of home)- Plumb in-unit laundry hookups (requires sacrificing kitchen pantry closet.

The problem then may be will the GC install the material/finishes you want to flip this for top dollar?

You will  only have interest income which is normal for all the installment sale payments. 2) moving out or renting also will not preclude you from taking a deduction if you sell with in 3 years of moving out.

I will be installing a web-enabled video surveillance system as soon as he leaves.

I could have a piece of plywood nailed to a wood box frame installed in the opening, to hold it in place.

If I ask the sellers to install they will charge hefty too, so I want to minimize the cost for purchase and install. 

If this is mid lease and tenant wants to add a pet or asks you to install an upgrade in exchange for higher rent, those are situations that an addendum should be used.

Does anyone here have experience with charging their tenants for water individually via submeters installed on water sources in their rentals?

Big pipe (monkey) wrenches, with a breaker bar, go slow, then install the new ones with the white pipe dope you can buy at the big box store.