@Rick Albert is right on and gives good advice.I'm actually wholesaling a property this week, but this just happens because I am in the game doing flips, developments, and rentals. i would never try to make a business out of it. 

Wouldn't you expect that of any tax professional you engage? 

Need Game room, hot tub, so on..

Everything else is fair game. 

This needs to be highlighted in the lease and acknowledged by them.Security Deposits: You can’t use their security deposit for routine cleaning, but if they leave things in bad shape beyond normal wear and tear, it’s fair game to deduct cleaning costs.I’d start by having a straightforward talk with them about the importance of keeping things clean for health reasons and property preservation.

As long as your out of pocket expense every month is equal to or less than what it would be if you rented somewhere else then you are still technically ahead of the game.

Research styles and come up with a game plan for paint, stain and furniture. 

It's all a numbers game and knowing if the numbers make sense with the turnover, rehab, and higher rents.

The only way to lose the game is to run out of cash.

Easy to buy, not as fun when you sell.Might also study up on CTA....no more shell games....My guess is you need to hook them up with one of your great attorneys to get them an LLC and also find them a bank that will allow them to open a bank account.