The first thing prior to this would be to verify this is a good tenant, check the lease, and confirm with the owner with a payment ledger that they have been paying on time since they have been there. 

.- Just ask any investor doing deals prior to 2008 Real Estate Crash!

The property can only be vacant for so long without notifying insurance so when the prior tenant moved out could be impactful here.

While the home needs to be paid for prior to delivery in many cases, the transport companies carry the insurance from the factory to the site. 

Hi Divya, Lying on an application is frustrating and if it was caught prior to them moving into the home i would not accept the tenant.

Have you raised money prior?

With 179 you are going to be limited based on your percentage of business use with the vehicle (so still need to track mileage), and if you go under 50% business use you can end up with a recapture of your prior 179 deduction - income with no related cash flow is always a bit uncomfortable!

JWB spent $2,300 on renovations prior to you moving into the home. 

Recommend you start researching what investors did prior to the Great Crash of 2008.

I bought my home in 1993, and some years back the prior owner neighbor advised the border fence is a few inches onto her property.