I would think as long as I prime and paint over it, it would keep the moisture out.

You said it was an older home, so remember Virginia has required disclosures like lead paint, and there's a new required tenant rights and responsibilities form that has to be done, some localities require annual smoke alarm tests or rental inspections. 

what are your favorite interior paints?

And assume everything is a little worse than it looks given the tenant's stuff is probably blocking some problems and things like the carpet and paint will likely look worse when they move out.Lastly, is it necessary to go over asking?

However, I later found out that he lives internationally.His first draft was missing many important terms, such as those regarding lead-based paint, Megan's Law, etc.I questioned his qualifications for this job, and he assured me of his capabilities.I'm attaching his final version here. lease agreementI removed personal information in the contract. 

Plan to start small, buy a condo or townhouse wholesale that only needs cosmetic upgrades i.e paint, carpet etc.

Full rehab of the home to include new primary and secondary bathrooms, installation of new island and coffee nook with granite countertops, new water resistant LVP floors throughout, new paint, crown moulding in living room & kitchen, new electric water heater, and conversion of coat closet to mud room.

Sounds like your handyman isn't trying to rip you off, and he's done this before.

From my POV.it really depends on asset class and tenant Class.. this is a huge distinction. my clients that I sold apartment complex to in Oregon with B class.. they pay 4% but then have to pay for on site manager as employee.. so 4% to manage the on site person so that person does not rip you off :).However for BP and I have to think the vast majority of the rental property investors on this site that have gone to  D C B out of state markets.. those props are not like a 600k rental in Denver and the tenant that comes with it.. or really any city with a A class tenant..

I budgeted about 45k in cash to renovate the master bathroom, kitchen, guest bathroom, and painting the interior.