It won’t be for everyone.With the help of a CPA and Attorney I believe rules can be set to prevent the Cons and enhance the Pros.

This is subjective and you need input from a skilled property manager.Enhancements - Enhancements fall into three categories.Required due to market competition.

My goal is to start with a solid foundation, and I would prefer to hold this property for the long term, making enhancements as needed.This property is in an area with many homes built around 1900.

I used to be a big user of Mint app (www.mint.com) for personal financing and budgeting but they've been really slow at adding new features and product enhancements after they got acquired by Intuit a few yeas back so I started to look around and have slowly been transitioning my accounts from Mint over to Level Finance (https://levelmoney.com/). 

Eliminating tax enhances your roi quite a bit and you really haven't stretched yourself too much philosophically or financially to do so.  3. 

The rent isn't to make money, it's to negate the cost of ownership when I can't use it myself.I bought them as a way of enhancing my vacations, not to make money.  

After all purpose of money is to enhance life and whatever enhances your life the most is what you should do.

I personally hope to use the specialized marketing background to enhance my real estate sales career.

Taking high-res pictures then enhancing them for my marketing of vacant homes.2.

It will enhance earnings but not significantly compared with the effect on the other two ratios mentioned.