What you decide to do depends on a lot of factors including if you are using financing (may want to minimize disruptions to cash flow), if the current tenant is at market or below market rental rates and a whole host of factors, too many to list here.The one thing I would not do is ask the existing tenant and open ended question like "what would you like fixed?". 

I know minimal knowledge around lease options and wholesailing and would like to know how to start from the very very beginning Thanks,Lewis 

I have had great tenants (3 different) and minimal vacancy time.

Sometimes I go to closings at the start of the day or the end so as to minimize the impact @ work saying I have an appointment which they assume is a Dr. appointment.

Or in general is there a way of minimizing your collateral to only what would be necessary to recoup their investment so if they had to foreclose on you they wouldn't end up with say a 100k property for a 50k loan?

Example, for the places I rent ~$600-700, it is very important that they minimally meet this threshold, because there is a somewhat fixed cost to simply existing - buying food, gasoline, etc.

How to select the right property/location.How to 'harden' your rental (great thread here on BP).How to select/screen for tenants.How to manage tenants.Find great contractors.How to keep tenants.How to minimize vacancy during turnover.Know the landlord/tenant laws!

You should also look at other ways to structure deals to minimize or eliminate UBTI.

Minimal effort, maximum commission.  

I think it is a little harder to get financing with minimal capital for holding as any financing either must be longer in duration of hope you can increase the equity in the property to allow a refinance.