If a dishwasher is 15 years old and the tenant destroys it, you can't really charge them much because the appliance is beyond the life expectancy.To learn how to determine charges for cleaning and repairs, you can read my book in my signature, Brandon Turner's Managing Rental Properties, or NOLO's Every Landlord's Legal Guide.

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

I stared using this site PropJump.com to find services providers for my 3 properties I own and manage. 

-Interest-only payments, which help manage cash flow during the renovation.

You'll also want to make sure you look into a good property manager since they'll be your biggest help to stabilize and manage the day to day operations of owning property. 

Do you have experience managing renovations if needed? 

I have a few rentals with section 8, and they are professionally managed.

If you are investing out of state, then do you already have a good property manager lined up? 

However, there's a critical detail that many tax advisors conveniently overlook when promoting these studies.Here's the uncomfortable truth: If you're a high-income earner (AGI > $150,000) and not actively managing your properties, those promised tax savings might be locked away for years.

I manage around 400 rentals with 14 years of experience and have never been sued once.