I've also seen the extra space used to make a toy train set up for HO gage trains.  

First, as someone else stated, if there was a keyed lock on the BR door, either you provide the tenant with a key for it, or you disable the locking mechanism, or you replace the entire handset with a standard bedroom set.

Seems to me cohesive set of laws and rules regarding this activity would benefit  both the public and those that want to engage in the activity.  

As for offering subject-to financing, this is something that can be advertised under 'seller financing' in our local MLS, and there's investors that search specifically for listings with that marked, so that should introduce your property to a new set of buyers that may not have considered it before.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

We change the order from time to time, etc but no new full set of pics UNLESS there is a design refresh, or renovation of some sort. 

Quote from @Andrew Slezak: During my due diligence should I call property management and HABD to see why the rent is set to where it’s at?

To estimate expenses, consider setting aside a percentage for management fees, plus costs for cleaning and utilities.

My short term objective is to get my feet wet with my first investment property to learn the ropes while also having my hand held a little bit.

You should have money set aside for litigation.