It is a rare off-market property that does not involve work and/or have risk items.  

I recommend you really study your market to determine the appropriate rent rate, then market yours 5-10% below the competition for a six-month lease.

If they are not happy, they can leave at the end of the lease.  

If I were you (and you meet the items listed above), I would definitely still move forward with licensing since you already have the property.

Let them know you're the new owner, that you will be abiding by the lease terms they currently have, give them your info to be able to make payments, any website/payment portal platform.I would keep it short and sweet.

For the most part its just health and safety items, which are items we should have remedied anyways.As someone else mentioned, biggest thing to avoid is having the house tagged as vacant which the city will do if it sits empty for too long (handful of months, grass not cut, etc).

It's also important to remember that low maintenance costs don't last forever, and that will an increase expense item as time passes. 

Our guests have ranged from newly hired UNR football coaches relocating their families to individuals traveling for medical care, couples on ski leases for Mt.

The 25K would go towards a rate buy down.As far as accounting for cap ex and maintenance for newly replaced/updated items, I'd still recommend doing it.

If your only way of making money from an item is hoping that in the future someone else will pay more than you did, then that is gambling.