I know that I'll be stepping on toes. This is what I dislike about buying properties from investors: "Applying loads of caulk to hide issues, paint (spray and then overspray without cleaning) and then flip the property with an "as is" clause."
When doing rehabs start in the following order:
ROOF. check the roof and make sure that there are no leaks. Fix it! Not just patch it. Your property value will definitely increase.
FOUNDATION. Check for cracks, subsidence etc. Have a professional do the work.
LANDSCAPING. Get this done so that the curb appeal is taken care.
EXTERIOR. Knock this one out a.s.a.p. Also replace the exterior door hardware.
ELECTRICAl & PLUMBING. Get the pro's to do serious work. Goes much faster than DIY.
INTERIOR. Clean, repair and paint. Do not use spray guns and popcorns although this hides imperfections it also tells the prospective buyer that you are hiding something. During this phase you should only have drop cloths on the floor. Tools etc. have been removed and you can start advertising.
Stripping walls and removing lathe in older buildings is sometimes the best option as you can now check wiring and insulation and wood destroying insect damage. Replace with new sheetrock.
In frame buildings, use firecode sheetrock for the ceiling and the wall against which the stove and hood is situated. Just recently had a grease fire but only had to replace the top cabinets and paint.
Use fire code sheetrock for walls between units and on ceilings. You may just end up being sued in a wrongful death situation when using cheap 3/8 inch sheet rock.
Your basic motto should be. Fix the issue.
Using a rooter is better than drain opener. Depending on the number of properties you own/rent/rehab, a rooter will be less expensive in the long run.
I have been able to acquire some decent properties for below $10K because the previous investor had neglected the roofs. They started on the inside first. When the roofs started leaking they quit, bank foreclosed and I got the REO's. Sweet deals as all the inside work had largely been completed including the HVAC.
Good luck and Best regards.
The greatest force on Earth, compounding interest. - Albert Einstein