Upgrading on seemingly frivolous touches in LTR won't pay off in the rent increase (if you even get one).   

I'm financing it as a second home (since I'll occupy some of the time and rent out when I'm not there), through a conventional mortgage.

But the rents need to come in. 

I am looking for clean and rent ready finishes, not luxury or custom.

That is 5% of rent for Vacancy, 5% for maintenance/repair, and 5% for capital expenses.

If I don't hear from them (or if I intend to non-renew their lease) I send them a 30 day notice to quit when we're 30 days out from the lease termination date.I state in the lease that I'm allowed to post "For Rent" or "For Sale" signs on the property and / or post "For Rent" signs in the window of the unit which is to be vacated, and further state that the tenant agrees to showings of the property with a 24 hour notice.

If you are issuing a Perm Loan you should include 12/mo Rent Loss coverageThe list could go-on, but this is a solid foundation to start. 

Locally here there is more of a lending appetite for build to rent housing than build for sale "spec" housing.

@Kevin Farrell In my location in New Hampshire it is just common for landlords to pay water, sewer, and heating if it is on oil furnace then factor these costs into the rent for multi families.

Two of the four rentals that I own are in 38127, so I'm biased, but I do feel as though it is a very good area to invest in, as there are deals available there, and the rents are very solid.