I was talking with one of REI buddies and he offered to come over and do an "rehab" analysis with me. I consider him an expert, he's been doing this for several years owning four plexes and duplexes.
The key things that he was saying was:
1) He was expecting me to turn these units over quick.. He was talking days, not weeks.. He's going to push my comfort level for sure!
2) He suggested carpet in the bed rooms and tile everywhere else.
3) He suggested putting out my rental sign soon.
4) He said he would try and get tenants in on the first of October which would allow for an extra $1875 to go to my pocket since my first mortgage payment is not due to Nov 1st. Great idea! However, if I have to pay more than $2000 dollars in labor to make it happen, it may not be the best choice. I have to mull it over.
5) He said the common mistake for landlords is not lining things up quickly. He feels putting out the rental sign after closing is losing several weeks!