This property needs duct work as well.Also any contacts for cheap carpet, cabinets and paints would be highly appreciated as I am trying to keep my costs low.Thanks.

Now go paint all the doors red per the Scottish tradition.

Option B) change tenants, guaranteed vacancy and expense - pay to rehab property (painting, carpet?

The house is in rough to ok shape, but needs renovations to bring it up to market value, in my opinion (thinking new flooring throughout, interior paint throughout, updated kitchen, updated bathrooms, landscaping, back deck repaired/replaced).My parents are actively having discussions w/potential buyers who are looking to purchase the property as is and have received some verbal offers from direct mail discussions, but up to this point, all offers have been lower than my parents are hoping.In my role as their beloved son, I'm thinking through options that would have them sell it to me while I rehab and then sell it closer to market value.

These are classified as home improvements and not general maintenance"Painting will prolong it's life, otherwise it will rot down.

Both flooring colors go well together with the Cornerstone paint. 

It could have leaky or lead soldered pipes, asbestos in the floor tile and lead based paint on the walls. 

The biggest disaster remember watching was a group of friends that walked away from a project due to lead paint issues and not enough money to deal with it.

If you don't have a connection at all really and aren't that familiar with a rehab yourself then yeah maybe go with something that just needs a light painting and such and keep it as a rental. 

I just don't want to buy a flip, throw down some carpet, paint the walls and glue some things together.