@Patrick Shep, One of the requirements of the 1031 exchange is that the taxpayer for the relinquished property has to be the same taxpayer for the replacement property.The way the LLC is structured would determine if this would work.

Absolutely replace the fan! 

There was damage to the sill plates and joists—nothing severe enough to require replacement, but one weight-bearing beam is rotten and does need to be replaced.

Over time I have replaced the AC, water heater, dish washer, car port, roof, and several minor fixes.

If your property has visible lawn damage, remove and replace those sections with fresh sod.

CapEx --  I guess this is based on the individual house I buy and the age of the systems (Roof, HVAC, water heaters, etc) and what I replace at the outset.

I would also replace your smoke alarms with the 10-year internal batteries once your current ones are near the end of their useful life. 

We decommissioned the failed septic system, connected it to the city sewer, replaced unsafe exterior breaker panels, and utilized Connecticut’s Home Energy Solutions program to seal drafts and reduce tenant utility bills.

Almost all the cash flow analysis I see does not take into account a reserve for replacement of items that wear out.

Most insurers are going to either have actual cash value or replacement value; the latter is more expensive.