If I remember correctly if a house is built before 1978 a lead paint inspection must be done.

New paint.

Interior: haven't been inside, but probably - plumbing, carpet, vinyl flooring, drywall, paint, possibly mechanicals and more.

Apartments (100+ units):Pros:single locationsingle transactioneconomies of scale (painting 100 units is cheaper than painting 100 houses)professional managementhigher capital gains due to forced appreciationcan be a truly passive investmentCons:higher turnoverhigher maintenance expenseslower COC returnssmaller pool of potential buyersHouses:Pros:lower barrier to entrylower turnoverlower maintenance expensesno need for professional management on a smaller portfolio (less than 20)higher COC returnsbigger pool of potential buyersCons:multiple transactionsmultiple locationshigher per unit repair costslack of forced appreciation beyond initial equity capture (ARV - purchase price - rehab)professional management is more expensive than for apartmentssemi-passive

We took some money out of our 401k remodeled the kitchen (gut job), resurfaced the hard wood floors, and painted all the rooms.

Another approach, as the property badly needs a new roof, exterior paint, fencing, etc. is to undertake that work now, if they won't relocate - keeping in mind the right to quiet enjoyment.

Paint , carpet, roof and hvac is different than load bearing walls, plumbing , floorplans and electrical systemss.

That would have been fine, but just doing that wouldn't have worked, according to 2 lenders I talked to, to justify increase in purchase price.I considered doing a very minor amount of work- just painting the house, putting new floor in kitchen or swapping out existing countertop for cheap granite- something like that.

Naturally, if you're doing a rehab for a flip you'll want to paint the entire inside and put in new carpeting. 

I recently heard a few people in my investor group talking about the necessity of having seller sign a lead based paint disclosure form when they sign the contract.