Avoid putting certain items in the property like disposals, dishwashers, and mini blinds.

It was totally weird he had one room full of religious items and one room full of tapes toys and magazines.

The main items that need to be specifically outlined are your expected time on market for the property and the minimum amount that you're willing to accept for rent.

If your lease includes this provision, I recommend issuing a lease violation notice for not allowing maintenance to enter and carry out essential repairs.  

market is too small and its all cash and carry basically. 

That's if the rental income can carry the cost of the new mortgage.

Do those two items above 100% dictate needing a total gut or can a home be sold with the panel and the pipes how they are and can it be financed?

They may be living there but as long as the rent is paid, the house is taken care and the lease is followed, I don't worry about it.To answer a few other items that came up - some of my rents are higher than market, some are even with market and a couple are lower. 

I know there are the obvious PITIA items but what about property management fees (I plan on using a property manager), maintenance/repair allowance, and vacancy allowance?

The other important item to consider is keeping your Credit score above 680, this gives you the opportunity to refinance without tax returns into a 30 year fixed rate Rental Loan, or DSCR Loan.