Starting out with house hacking

[Maxwell Emerson]

Hi everybody! My name is Max and I'm a new member here. If you wanna know specifics about myself and my family then I've filled out my profile, but for right now I've got a few questions and I'm looking for advice on my first property.

I bought my first house back in January with the intent of fixing it up and updating a few areas and then renting it out when the military sends me somewhere new. We've already painted the bedrooms, the bathroom, and we'll paint the living room once we scrape off the ceiling. We'll touch up the fireplace, replace the carpet with laminate flooring, update light fixtures, and then update the kitchen with tile floors, new cabinets, and newer appliances. Are there any other updates that my wife and I should do to increase the value of the house and increase the appeal for future renters?

With the renting portion, I'm planning on using a rental company to rent out the house while I'm away from the area, at the expected %10 rate. I was wondering if I should refinance the house before I rent in order to use the cash for the another down payment, or should I build up the equity and try to maximize the cash flow through renting? Also, what are some common issues that people face when renting while out of the area and what can I do now too prepare to better face those issues?

If anybody has any other advice about real estate investing please let me know! I've loved listening to the podcasts but I want to start bring more action to my real estate investing rather than all learning. Thanks everybody for your time and input!

-Max