Looking to rent out my townhouse but needs work

[Patrick Edelin]

Good day all.  I have a few RE quandaries that I could use some help with and I wasn't sure where exactly to start this post but I suppose this can serve as my BP introduction as well :-)  By way of introduction, my wife and I own a townhome in Northern Virginia (6 min. walk to VRE station) that we are contemplating selling (more space, expand family, etc.) but we're not in a position to sell right now.  My parents house has an in-law suite and they've suggested we move in with them for a year or so and rent out our house.  Ideally, this would allow us to save a significant amount of money towards either a new home or investment property.  

The house needs some work, however.  Nothing major but things like the crown molding and carpet need replacing, the fire place needs to be checked, the kitchen counters are formica, dated appliances but not too dated, etc.  All passable but I'm a bit of a perfectionist.  Thus, my questions are:

-how much do we need to do (should do) in order to get our house rent-ready?

-after checking the rent comps in my neighborhood, I know we're going to run cash negative but should we be willing to take a small hit for the potential savings by moving in with the folks?

Thanks in advance for you insight and go BP Family!!