Like replacing the doors/ locks, etc. and  its getting frustrating.Whenever I articulate my frustrations to my wife it causes friction within our relationship I want to get this house rented asap but I wanted to get a barometer to see if perhaps my expectations are a bit unrealistic , especially with consideration that no one could get in the house due to the fleas until recently.

IF you were to renovate a non-conforming unit, that unit would now need to be brought up to code.When or if you rent out the unit, you, of course, run the risk of the tenant calling the city and saying the property isn't up to code, which would, in turn, cause an inspection by the city and likely result in some violations that would require you to bring the unit up to code.These types of units are ALL OVER the city of Chicago and be rented out on a daily basis, but there is still clear risk associated with renting them out.

Then of course, you are also hoping for appreciation.While it is attractive to not have to worry about cap-ex for a few years, many maintenance issues are usualy tenant-caused, so there may still be ongoing issues & expenses needing attention.Another option may be to buy an existing cheaper property, that's still in overall good shape.

I think guests hardly ever damage things intentionally, but when you have luggage coming in and out all the time and little kids running around a "new place," there IS a lot more wear-and-tear, scuffs/dents/scrapes, and broken glass. 

Most people taking in foster children are good, honest people that will take responsibility for any damage done.

Make sure you’re checking in on your tenants, getting them to document any damage, and having solid insurance coverage.

The last tenants did some damage to the interior of the house and repairs like, sheet rock, fixtures, paint, etc. need to be completed. 

@Tyler Gilpin When you say "does pretty well", is that more of a commentary on the quality of the tenant (aka "lack of damages to your property") or the timeliness of payments (either via HUD or the tenant's portions)?

If the attorney is also confused, I'd be worried the bank won't want to do other things for you and cause you problems.

This can help with limiting the time your unit sits vacant.These situations can get tricky, but I always recommend staying level headed during your interactions with the tenant.The worst case scenario is the tenant ends up unhappy that you don't want them to break the lease early and/or they don't want to pay for an early lease break (hopefully defined in your lease agreement with them) and ends up damaging your property, costing more, prior to their actual move out date.