Other small items:    Our drywall was already cracking in 15 + places, but we thought we could get it done a week or so after the foundation lift.   

The exact definition varies from person to person, but I mainly consider them <$40k reno and hitting those items.

It's a zero expense way to get into the industry and you can capture 15-25% of the booking of revenue without leveraging close to $1M.

In the longer run if it doesn't make a great rental it likely will make a great home and you'll capture that through equity/appreciation. 

We always build less square feet so we can capture the highest price per square foot. you can't control your market economics so building and designing and constructing around them is good. 200 sq ft less might be a huge pool or another amenity.

@Matthew Wright know your landlord tenant laws as many states have or are enacting limits on application fees, some require itemizing and returning any unused portions if over a certain amount.

So do the minor items you mentioned, whats the issue? 

So, while taking into consideration the age and condition of the damaged item at move in and the time the tenant was renting for is a factor, I personally don't think using a strict IRA depreciation schedule makes sense.

All other items in her background and credit check are acceptable to you?

I want something that I can input a line item, such as "paint exterior", and then add an expected timeline with something that will reach out and give me reminders to check in.