Seems like an unnecessary risk for most though.

Most asbestos removal is expensive and unnecessary.

I will say that most property management companies are going to require you to sign a non-compete agreement that may prevent you from practicing management for 1-2 years after you leave the company (within a certain geographic area) and especially while you are working there, so it may be difficult to start your company while working for another company. 

I am planning on spending a lot of time at home improvement stores in my area but outside of doing this or hiring somebody to help me design a flip house is there anything else I can do that would prevent overspending?

Anyone have experience in this process, or any tidbits to help us avoid any unnecessary pain?

That's the strongest lease I've ever seen in the landlord's favor, and pretty unnecessary in my opinion. 

If your relationship w/the tenant is good, as them to leave the refrigerator door open to help prevent mold.I would put out my For Rent sign though and start screening applicants. 

I would repaint it to prevent further damage. 

Having someone to draft effective contracts for you may prevent your being dragged into claims.

This has prevented them from being in a higher interest loan longer than they had planned.