How long it takes to be financially ready is different for everyone.

We acclimated the flooring, but I suspect the existing tenant may keep the house at some very different temps (when she travels I suspect it's quite cool in the winter just warm enough to keep pipes form freezing, and very hot in the summer).  

Different types of legal entities have different tax consequences.

@Roxane WarbyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

I wouldn't worry at all anywhere within 2 miles of downtown. you are in the very south of south side area commission but still very strong market. once you cross 104 it's different. 

When doing research on potential areas to invest in, I would look for different investment markets such as cash-flow focused or appreciation focused real estate.

This had 2 different interest rates, though so you'd want to look into what you would be paying on a monthly basis with that blended rate vs actually just paying the PMI. 

We manage several hundred multifamily units in and around Columbus, and have tried every different way to bill water - included in rent, split among tenants, and sub-metered.

If you aren't comfortable talking to contractors, find a buddy that will join with you in that conversation - but be part of the discussion yourself.IMHO, $20,000 for the job as described would be great - if the contractor was quoting a price to the Department of Defense :)Note that if the sanitary sewer is on the other side of the street (and your sanitary lead is broken under the street), that's a different conversation.Best of luck!

Taking advantage of Section 121 and getting as much free cap gains as possible would be my route (Option 3), but you'll likely hear different responses from different people.