Do you have people ready to repair and clean the place lined up as soon as the last tenant leaves?

Underestimating repair costs and overestimating ARV (this is really just what most people call wholesaling). 

I am not sure about what you are reflecting in the cleaning number but for me 1) it is shocking what cleaners charge but it is not where you want to try to save money for quality 2) it is a pass through, the guest pays it. $250 per turn would be for larger unit and very good job.  

As long as there are no outstanding repairs, I don't see anything wrong with paying off that loan faster. 

You need a report done so you can request repairs or credits and a handyman isn't doing that and the seller wouldn't validate it.

At a bare bones minimum, the letter confirms the start/end dates of the lease, monthly rent, paid-through date, absence of any prepaid rent other than the current month, and security deposit amount.Better, it will include statements there are no unresolved claims or disputes or repair issues with the current landlord, and no verbal or written side agreements.Better yet, it will include a copy of the tenant's lease, and a confirmation the lease is a true and correct copy with no amendments.

Mark, we have some units that have hardwoods that we're repairing/restoring.

@Heidi FahringerReal Estate Expertise - Are they familiar with real estate-specific tax strategies, such as depreciation, 1031 exchanges, and write-offs for repairs, property management, etc.?

The PM has a good reason to place a quality renter.

You're already thinking about long-term benefits, and it's great that you're bringing your contractor husband's expertise into the equation.To alleviate some of the stress, I recommend starting by focusing on quality properties in solid areas where you can add value.