It is freshly renovated/fixed so I was hoping for little more traction from potential tenants.  

From there, you can use it over the years and update as needed.I'm sure you could get by with just some template you find at the store, but it might not be thorough enough.

Do you put it towards the house, do you pocket the cash, or do you keep it stored away year after year?  

Is the purchase of the new property like a fresh start where I now decide what portion will be my principal residence and what portion will be rental?

I suggest you purchase the book below (in the BP store).It walks you through everything you need to know about being a landlord.I don't believe you have to tell them why you did not rent to them.

Has a fully stocked operational liquor store and tv repair shop in the front, facing a road that gets good traffic.

There's a reason why they are opening up that store there.

Heirs start again with fresh depreciation schedules. 

Stores like HomeGoods or Ross sell miscellaneous items at decent prices but I never had too much problem with missing items.

You can get them in bulk at any big box home improvement store.