Took soffits down (whoever invented soffits should be shot if not dead), new flooring, new paint, new roof (thanks hailstorm), refinished the deck.

but say in year 2 your tenant moves out and it needs new appliances and new paint. 

I started my OOS HML  career in Detroit and that was 2002 and WOW coming from our area what an education I got.. my clients that were doing turnkey at the time and all the buyers were out of state ( basically LA based) the local on the ground operator was very good he had all sorts of tricks to try to keep the houses safe.. the one i really liked was painting the copper pipes grey so thieves would not steal them..

Keep it simple, paint and carpet, buy a good house in a quality area.

I invested about $4000 in paint, tile, repairs etc to get it ready to be shown.

From clogged drains and leaky faucets to ceiling fan installation, fences, painting up to small kitchen and bath remodels there isn't much we can't do.

IT looks beautiful, I can only imagine the satisfaction you must have felt putting on that final coat of paint and saying "finally". 

Also converted what was once a restaurant/kitchen to a coworking lounge with views of the ocean and pool/patio area.Redid kitchens, painted, added swing, hammocks and created social areas.

new hvac new roof paint of any good quality in an out.. doors  gutters..

I am not an expert in either lead or FHA, but here are a couple thoughts for you to look more into.By lead in the unit do you mean paint?