I like trusts better, much easier to "hide" behind, however, insurance is your first line of defense.Also, doing simple, smaller deals where less can go wrong is not a bad idea.

Do your research on the forums for general tips on hiring a PM, what to look for, what to look out for, good stories, bad stories, learn from others about their experiences with all kinds of PMs all over the place and take what you learn when you're speaking to PMs in your area so you can more easily see red flags, or green flags!

it's still a bad investment, but not aweful

It's is old but it's not that bad.  

HelloI have a tenant who is asking for upgrading carpet and flooring, while its not in bad condition, it is getting old (~7 years) - I agreed to get it upgraded. 

I don't know how good or bad your business is, but no one has ever told me anything bad about you.

I know the addage if you treat it like a hobby it will pay you like a hobby but if I have some extra cash maybe it's better spent on a 2nd home with the potential for income vs. just using that money in my primary home. 

Yes like Min said, its great to have a plan but I would say the action is much more important - I did a few bad deals and learned so much more than I would have if I was just sitting on the sideline planning things. 

We treat bees as a 24hr priority as they can hurt and potentially kill people. 

On another note, if your rent increase estimates are accurate, you'll bring in about $10,200 more on an annual basis (assuming you achieve the $1200 and $1350 rents) so putting in $50k in renovation just passing my gut check of getting about a 20% yield on renovation costs - not great, but not bad either.