I would like to eventually leave my 9-5, pay off student loans and get rid of PMI on my first property ASAP.The townhome is my primary residence and I will answer any questions and be grateful for any guidance.

If it is worn or stained, yes, put in new carpet.On the other hand, we have had prospective residents tell us that we need to replace this stove or that carpet, and sometimes they are brand new. 

Quote from @Jackie Liu: Hello BP member, I'm currently doing my due diligence on a potential prospect, during my search of the prospect's current residence I'm finding some information that does not match what was on the application.

The post office has been at this location for 80 years and all of the residents need to pick up their mail from the Post Office, there is no delivery. 

I am also thinking of using a cash out refi on my primary residence along with some cash that I have saved to finance the purchase. 

Every adult residing in your rentals should be screened and approved by you.Criminal history is not an automatic denial, but you should definitely consider risk.

There is insufficient housing growth to accommodate all the new residents, so they are competing for the available housing.What is bringing so many people to Las Vegas?

LTR is more plausible but often HOA requires primary residence for a period of time before renting it.  

When you do any agency loan (conventional or government) as a Primary Residence, you are signing a new 1 year "occupancy clause".

It’s currently a single lot and contains my family and I’s primary residence which we have about $250k of equity in.