I updated the paint colors inside with modern light grey to brighten up the space and finished off a partial room in the basement into a “bonus” room that could be a bedroom, office or den.

I use these documents, along with Brandon and Heather Turner's "Managing Rental Properties" book which has bonus content to make all this smooth and easy.Happy leasing!

The garage and bsmt are "bonus" sq ft and enhance the property when comparing it to others to the point where it could make it more atractive...and sell/rent before the others.

I consider appreciation as a bonus for the whole endeavor. 

If you can upgrade the outhouse or set something up inside, bonus points for that. 

You will want to do installment payments where if the deadlines are met for getting let's say flooring, cabinets, and dry wall done by the 4th week, then they get paid with a little extra bonus. 

The walls tend to be very well insulated which makes for a bonus when renovating.

Bonus if you own it because it's not a Land Contract. 

You could look into a cost segregation study and factor in bonus depreciation, but it may not be worth it on one single family home.  

I agree, interviewing more local PM's is a great strategy as they should have a pulse on that market. 16-18% seems pretty generous for turn key PM in Texas.