For buy & hold, I'd stick to either LLCs or holding properties in your name (sole proprietorship) with a sturdy umbrella insurance policy.

My original thought was to do laminate floor, which is slightly more costly but more sturdy.

And not all stuff there are that sturdy. 

A sturdy railing could be a suitable embellishment (nothing frail like cast iron filigree) add lighting, new house numbers and a nice mailbox.Keeping in mind the importance of the front door, it's curious why people always seem to want to highlight their garage door but it should really just blend in with the house and not get a lot more trim than a window. ie  Don't spend more money on it than necessary.

If you allow pets, anyway, this may be ideal for setting up a long-term tenant as they'll be invested, and it can only help to have a fenced yard if you allow dogs; otherwise, you may have those that let their dogs out in the morning or in the rain off leash, no fence, and they cause trouble in neighbors' yards.

For instance we have a strict leash policy for all pet/service animals on the property.

If the plywood de-laminates, then you'll know it needs to be replaced but if it looks and feels sturdy... maybe drying is all it needs.

Oh, and give them a short leash, like maybe a week.  

You can have them on a shorter leash this month so that there is less lost rent.

You can put up a sturdy curtain rod (or 2) with some sheer type curtains and be done for less than $35 ( think Wal Mart, Big Lots, or Dollar General).