My owners who have updated their homes with modern furniture packages and highly themed rooms, along with a nicely equipped game room do much better than those who do nothing to the home and hope it will attract some guests. 

Biggerpockets sells a Lease Agreement Package under "TOOLS" at the top of your screen. $100 for a lease and several other documents, written by investors and attorney approved for your state.

This is the perfect example.We have been using the leses and other froms from WLB for over a decade and I have seen them getting updated over the years, so I somtimes throw out a package of forms and order new ones to be up to date, but they are so inexpensive, its a no brainer.WLB has a store downtown Milwaukee worth visiting: they have all sorts of landlord supplies you did not even know you needed from print all the way to parking signs and traffic cones.

What are the biggest pain points you've encountered when trying to find distressed or off-market properties?

I was so nice and kind to them allowing flexible rent payments but not sure why I had to encounter such a rude behavior from the tenant.

They sometimes charge the seller notary and doc prep fees - especially if you don't plan on attending settlement and do a deed package.

The following is a list of topics I've encountered in teaming agreements, although it's not exhaustive.

New flooring, new appliance package, paint everything, new tile...in this property, we added a mudroom and a butler's panty with a sink by just redesigning what was there.

Like others have mentioned, you should hopefully have encountered some appreciation if you got a good deal on it, which will help tremendously. 

Read some good reviews and some bad of these “packaged” wills/trusts, and felt most comfortable with Will Maker.