Questions after acquiring first property

[Steven Catudal]

I just bought my first investment property (duplex - one rented, one free) and had a few questions. Please keep in mind that I plan to rent to college students and the free unit is about 2,000 sqft:

- I went to transfer utilities and the past owners have a balance. Therefore, I need to send PSEG my deed for them to solve the issue. Has anyone experienced a similar issue? How long does it take for the deed to be ready after close?

- I have to do some renovations for it to be rentable. This includes, repainting and patching some holes. I was quoted between $5-10k. How hard is it to do this myself (aka me + a few friends for a couple nights)? The materials themselves seem quite cheap. Is there a big quality difference between using a spray gun and traditional rollers?

- Is it worth hiring someone to put in recessed lighting or should I stick with current electrical and just put in LED bulbs? 

- I am planning to have a contractor tear out the current carpet and install new vinyl. Would tearing out the carpet myself save on the cost of this? I was quoted $4k for removal and installation of new vinyl (without materials).

- What is the best way to price the rental? Is it better to list it at the highest that I think I could get or should I price more conservatively to create competition and then try to push the price up? Is it better to wait for all renovations before listing with pictures or should I post listing now without pictures saying that renovations are under way?

- How do I go about managing existing tenants and setting expectations? What is the best form of communication?

- Any other things to keep in mind?