As mentioned there are foreclosures available, as well as home that need renovations (i. e. some have 1970 decorations, and look like 1970 inside appliance and all).I'd say decide on your main criteria and your strategy, that'll help you focus on a market.

We are looking at remodeling our kitchen and every single trade (paint, cabinet, flooring, counters) all have at least a 6 week lead time. 

Mattresses, linens, towels, kitchen stuff (for the most part) were all new.Now I will say I am a deal finder and am still finding great stuff to furnish a house.

So with our current six townhomes (seventh closing in Aug), I can't even mention/think net yet as it has barely been a year for some of them and some needed a little TLC or new appliances. 

The minutia stuff, like paper work and who pays sales commissions is different but the process (do comps, buy smart, update kitchen, baths, floors, paint, hire solid property manager, is the same.  

I know I have to separately depreciate appliances, but I was unsure if I could file things like painting supplies etc. under one schedule E.

I set appliances and anything that is recyclable aside and run an ad on CL for free stuff. 

It needs drywall/insulation, flooring, a complete kitchen, and new windows.

It has fresh paint and new appliances.

Kitchen is in good shape, has an open floor plan.