I have never done this before and will like to get more information on how to furnish my property, appliances to purchase, beds and all the essential items I need to put in the property as well as websites to advertise the property.

What is the rules and what is the practical items to consider?

As you complete more renovations your list of items to inspect will continue to grow, and that's ok.

Making capital upgrades, such as painting, cabinetry, flooring, or countertops allow you to charge higher monthly rent because the unit looks nicer and is "newer" while also not be immediately expensed as they are depreciated items (talk to your CPA or hire a good one).

One with 90+ members is great because it affords the HOA a lot of economies of scale with vendors thereby keeping HOA fees lower.Review the HOA financials and make sure they have a substantial reserve that would cover a hail storm deductible and/or other storm damage.Read the Bylaws to make sure they're rentable and check the pet limitations.Check the common grounds for any big ticket items that may need replaced soon.

We were able to find a receipt from the city for "main hookup" where the prior owner paid separate line items for both both the water and sewer.

Here's a few helpful items: 1.

In many ways I think the last two items are more personal preference. 

You want your inspector to find as much wrong with the property before you start so you can correct those items.

You do not have to accept a Section 8 applicant if they do not meet an item on your application that would normally disqualify a non-Section 8 applicant.