Others have outlines items you need to include in your expenses.  

We dont like to accept any kind of paper money unless there is some odd circumstances or at move-in.I perform tenant screening and follow up on application verification items, as well as all the bookkeeping and processes.He gets first shot at any maintenance work that he can perform himself and bills hourly, uses my company Home Depot card for supplies.  

I also need to develop a list of items that I need to do right a way and things that I don't do, and provide that list to the tenant before we sign the lease.

We usually collect a deposit to cover special order items and permits (usually 10%) before the project starts then 30% upon inception, 30% upon half complete and balance when totally completed.

Several items stick out at me.1.  

Deano,i just went to HD and asked them if I can "preset" my items on their site so when a project starts, i just "move them to my cart and hit buy". they said no, i can't. do you have to manually enter all items you are about to buy each time or you just copy an old order?

The first year was a little rocky b/c we didn't find all of the maintenance items that it needed when we bought it but it has settled down nicely and stays rented, to good people who take care of the home.  

I think you should expect a bit of extra hassle, and some of the items may not make total sense.

If it's items that Fannie Mae or Freddie mac or the FHA require like double straps on a water heater and running water and co 2 detectors and something covering the floors ( carpet or tile ) then it's a must if you want buyers who have to get regular conventional financing. 

Also, many policies do not cover theft (One reason your tenants should get their own renters policy) of personal items.