A couple concerns i have are, with buying a new home and renovating that, i wont have much money to make it rent ready like paint patching, cleaning, mortgage payments until renters move in, etc.

However, if the improvements are more like painting rooms, repairs and maintenance, then you expense those and get the tax benefits right away.

Otherwise, you would likely be capped waiting for some kind of prepayment penalty to expire.Even if the fixes you do is some basic clean up, patching paint, drywall, etc (~5-10k) then you could get it through and get it done pretty quickly.

We're trying to decide if we should rent or sell.If we sell, we are looking to get most of our money back that we put in (down payment, small updates like paint and appliance purchases).

@John Morgan you could also paint with odor blocking primer and float laminate over it.

I cant paint it myself.

I took extensive video and pictures when i moved as the house was not, to most people in move in condition, obviously cleaned but very cheap and very old carpet, large areas of rooms that weren't entirely painted weird hardware sticking out of walls, screw holes or remaining screws and nails, several patched but not painted areas, tons of areas with drawing, water, oil marks on the walls (from a centimeter to 1 foot) etc etc! 

The old window was painted shut and never opened so I'm guessing there won't be any moisture issues. 

I started with a property that needed mainly cosmetic fixes -- new granite, knobs, paint, floors, etc.

You might want to put an elastomeric water barrier paint on it but just wait to see what happens.