This is a fairly basic question that any seller should be willing to answer even before you sign a sales contract.

Not some basic furniture with a couple of sets of silverware thrown in.

Your goal is to build a passive real estate portfolio (we can discuss what passive means to you), so while I don't condone throwing $100k into a deal without even a basic understanding, alternatively doing so will teach you far more lessons than reading a book will.  

Personally I will not be happy with a basic refridgerator in my rental. 

One can not emphasize enough how unfortunate the work product investors receive is due to huge inconsistencies and other very unprofessional basic typos and SEC rule violations that open up investors up to huge liabilities.

You basically sell to your self but still own it. 

Basically, you're gambling on the second appraisal and at most you will lose the $1000.  

Time Commitment - Basically if one of you spend more time on the project than the other they should be compensated for that time.

That 2nd requirement is  what makes it close to basically impossible with a W2 job.

Reporting is basic, but it tracks all rent inflows/outflows.