There's deals out there, it's hard to find ones that cash flow in Nashville, but they are there and like @David Goodman the appreciation is there too.

Double check their liability insurance & comp (especially if they have employees).As for rehabbing, use comps in the area, don't over do it but do produce a clean good quality job.Neutral colors typically do the trick.best of luck!

@Lindsey Clark interesting how many posters to this thread showed their true colors with their recommendations to break a contract they just didn't like.How many of these same posters do you think would be insisting a tenant or contractor follow a contract that they benifetted from?

If at the end of tenancy there is damage (including but not limited to: coloring, marks, scratches, holes, dents) collectively per wall greater than the size of a $.25 quarter (US coin) than a deduction from security deposit will apply for the repair of said wall(s).15: Not sure how to word this - also its not super common knowledge.

The rest are carpetbaggers traveling around with colored snake oil.

Properly use wall colors.

The color and gauge can also create buckling.Scratches due to walking on them should be touched up to prevent corrosion, salt laden environments will exacerbate corrosion.Improper fastening can create leaks, as well as poor quality/applications of sealants used during installation. 

Dark or light colors for stucco?

In this scenario too, the county would not recognize the new bedroom and you could have trouble marketing the property as a 3 bed vs 2 bed if it is not permited.In my jurisdiction, I can move cabinets around, but as soon as I touch the sink or any electrical, a permit is required. 

You don't even have to use the same color, though you should use the same style (you have 3 tab there).