If you take on their furniture and decor I guess that could be negative.

Make sure to do a FHA 203k loan so you can finance most of the renovation and save some money for anything that may come up, and furniture. 

So do you furniture mid term rentals just like you would a short term rental?

But I’ve been given the reins of the business and am hoping to learn and grow into something that can build a level of generational wealth that will benefit my family (siblings, cousins, and children) for years to come.But I am filled with doubt in myself and skepticism about how real the success stories really are.

We rebranded, but kept the employees, furniture, equipment, fixtures, etc.

Furniture? 

I’d appreciate opinions on adding a patio and allowing tenants to put patio furniture on it.

I have asked my tenants to confirm their contact info and names of all people living in the house including name and age of their children. 

Despite the home not being in terrible condition, they left a bunch of trash and old furniture behind.We knew that if we could keep the renovation budget at $40k, we could keep the sales price under $300k.

You sound like you are trying to house hack like a single professional, not as a married couple with children.