For example, let's say the property "can't" go Fannie because it isn't a complete & functional home, and let's suppose the reason for that is because the kitchen is not complete, and the reason the kitchen isn't complete is because it doesn't have an oven.Standard two choices that people think they have:Hard money, 2 points up front, 70% down, 3 points upfront, horrible rate.All cash.Third choice:With the seller's permission, throw a freaking $75 oven from craigslist in there the day before the appraiser shows up, and buy the SFH using Fannie financing at 85% LTV, no points. 

I would be looking at outlying areas with the largest potential for growth in the next 10 years.

The layout and functionality of the home is going to have a larger impact on its rentability than forced air vs. wall heaters.Yes, make sure your lease is solid.  

The tenant has expressed multiple times the desire to change things (paint) but never actually did so I am taking this with a grain of salt and told her we would discuss again when she is ready to move forward.Whenever that tenant moves out, I would probably have to replace the current carpet due to age and mini blinds are also old (but functional), which is why I am considering the idea.In any case, I would be reviewing quotes, finances and contractor and figure out a way to make sure the work will be finished before I OK the change.

So I would still remove any carpet in bathrooms but only deep clean dirty carpet (if possible) and just make sure the kitchen baths are functional.  

In the last 16 years I have worked in various functions as it relates to finance, real estate and construction.

Treat your rental property business as a business and plow as much of your earnings (W-2) and cash flow (Schedule E) in to reserves, future down payments and debt elimination. 3G Capital has used this approach for 30-40 years in brewery purchases and is now the world's largest brewer having started with no beers sold.

Definitely no growth, but the franchise is one of the largest in the world that is the stand alone tenant.

This philisophy is perpetuated on BP, the largest REI forum on earth.

Just look and see who owns the largest parks, it's the people that have been in the game since day one or Corporate America.