I’m about to roll over a 401(k) to a SDIRA and I’m wanting to use funds to renovate a rental property that I already own that is in dire need of repair before I can rent it again.

There have been a few times that has saved me with people ending their contract early, or minor repairs that they didn't want to pay for etc.

The tenant wants all kinds of repairs and upgrades, the investor would probably prefer to pay for none of that.

You'll also need to learn about marketing, property values, repair costs, property management, etc. 

I would agree with the earlier post to make it clear that you can only accept deposit as rent if there are no repairs or cleaning needed after she's moved out, but I have a feeling that waiving a deposit is also waiving your right to seek any reimbursement for any expenses after move out. 

The cost to repair it is close to the net annual income.

Also, any suggestions for ways to save money on the repair? 

I do recommend you stop accepting made-up excuses like family emergencies, car repairs, or whatever.

In the end this kept their payment the same, I pocketed more on a monthly basis (difference that manager had been stealing) and I have had someone make timely payments for 5 years with no repair expenses on my part.

Many reason I stay away from Condo's including:HOA regime feesUnexpected and expensive HOA assessment fees for upgrades or repairs that you may not agree with.RulesClose proximity to others that could cause disagreementsSaturation and competition on renting condo's ParkingI would personally never buy a condo for these reasons and look for a deal on a house.