If the building is older major items that might need repair or replacement is the roof, HVAC systems, outdoor lighting, back flow devices, private hydrants, any fire suppressions systems like sprinklers/risers, parking lot, marque signs, awnings/canopy/overhangs. 

I guess it all depends on one's goals, risk appetite and aggressiveness.

He's Captain of the Morale Suppression Team, but his tax knowledge is extensive.if anyone remembers Joe Gore  when I first got on here he called me out as a FAUX HML  I proceeded to show him over 1000 fundings.. that shut him up.

There are new rental buildings all around this part of the city, which I believe is suppressing rental rates, and this is why I want to try something new with the corporate rental. 

In my market, there is little local appetite to buy full priced rented single family houses. 

Based on your post, it seems like you have an appetite to learn and have some control in the outcome. 

The economic struggles of the city will suppress home values and rents for the foreseeable future.

As an agent, I call ahead of time and see what the appetite is for a lower offer. 

What is his appetite for rehab?

But honestly I lost my appetite to help you out.Do you realize you come to the forum DEMANDING help with "I NEED tips bla bla".