There's a relationship between the rate/terms and how liberal or conservative their calculations are.

Because of the "update" to the RTA the liberals did in hopes of votes in 2017, you have to use the Standard Lease if the tenant asks for it.

@Devin KnightYes I currently house-hack a 4 bed 3 bath home and it's been very financially liberating.

I've re-ran my numbers based on @Tim Herman suggestions, basically being very liberal with my capex, vacancy rates (although LA sits the lowest in the country for 3.3% vacancy rates), maintenance, and utilities.

Smokers and people with dogs both have hard time to find places to rent...Doing as little as possible about the smells and just be more liberal in your tenant selection criteria might be the way to go...I think all the suggestions you got above are wonderful (will print and keep them) but unless the house is in really bad shape you should really think what is necessary and what is overdoing...this depend a lot on the type of house and the tenants you think you'll attract...unless it's a house hack you are never going to live there...On the other hand if you overspend only to find another smoker with a dog then it was all for nothing...That said I would still try the ozone generator other mentioned above...seem like a very cost effective remedy.

She lived there for almost 10 years and was super friendly when dropping off the rent (on-time, every time) and since it was only our second property, we thought we had hit the tenant jackpot.

BASE Jumping is Magical here in the Magic Valley.Twin is close to Sun Valley Ski Resort, Jackpot, Nevada, Yosemite Nat'l Park and more.

She has offered to draw out my permit package I am wondering what would be an appropriate offer to her of equity if I plan on building 10 to 15 of these houses using those same plans.I would be willing to be as liberal as possible keeping in mind that I am also going to be raising money and the people that I raise money from might not feel the same way about the value of said equity As far as the contract is concerned I would allow her to guide the way as far as when payments will be made.

The lowes trip was a total jackpot too. 

Be sure and use conservative rent amounts and liberal expenses.Third, establish the cap rate for your property.Fourth, determine holding and carrying costs.Fifth, determine cost to renovate property.Sixth, establish the profit you want to make.Seventh, establish the cost to sell (broker, taxes, etc)Wa-lah (Voila), now you have the full picture you need!