Self Sufficiency test is the important item for 3-4 unit FHA homes. 

You just have to handle cleaners and maintenance items. 

Upgraded kitchens, bathrooms, and other items that hadn't been touched for years What was the outcome?

For the most part its just health and safety items, which are items we should have remedied anyways.As someone else mentioned, biggest thing to avoid is having the house tagged as vacant which the city will do if it sits empty for too long (handful of months, grass not cut, etc).

The 25K would go towards a rate buy down.As far as accounting for cap ex and maintenance for newly replaced/updated items, I'd still recommend doing it.

Even if you try to put a dollar amount next to each item and you don't have much experience, you won't be that far off.

If I were you (and you meet the items listed above), I would definitely still move forward with licensing since you already have the property.

It is a rare off-market property that does not involve work and/or have risk items.  

I am also looking for information regarding fee structures, and what item's that should be and should not be included in the management fee calculation. 

., flushing the wrong items).Also, make sure you do a walkthrough yourself prior to filling the unit.