From there determining what you have budgeted for your first project.

There are also online platforms that will handle managing security deposit compliance, refunds, etc. like rentable.com

The only other question I would suggest is that you do engage a property management company to review your quad and review your monthly financials.

I highly suggest getting your feet wet in your local market if possible if you plan to rehab or manage the property yourself.

We run into this especially at out parcels in grocery anchored centers, and our users generally can't make a ground lease work for the business case so the next best thing does tend to be the BTS or we often do Reverse BTS deals where the majority of the building design and management etc is done by the tenant. 

There's also huge development projects, many spearheaded by Dan Gilbert's Bedrock investment company. 

I also recommend you start looking for a professional property manager, at least until you educate yourself enough to run this solo.

Ask them to update your photos and put your best foot forward.If the market is doing well and your PM is marketing poorly, then you have a case for complaint and/or moving to a new manager.

Using an unexpected repair as justification for not caring about cashflow as much as appreciation doesn't really address the issue, especially when appreciation also operates on the idea that the property's condition doesn't decline relative to comps.From what I understand about REI and cashflow, cashflow should cover not only PITI, but maintenance, repair reserves, prop management, etc.

I'm a broker and property manager here in Huntsville.