Additionally, you will have set the precedent that you're allowing your tenant to perform repairs on the property, potentially opening up legal issues later if the tenant does further repairs without your permission and causes a problem (or gets injured).I'm not an attorney, but I've had an attorney recommend NEVER to allow tenants to do repairs, and to even put in the lease that they aren't allowed to perform any maintenance.

take pics of everything don't have anything fixed with out a receipt for the cost that describes in detail what was done an y. again before and after pics. stay in touch with the tenant so they cant use lack of communication against you some how. tell them you are having the damage to the property during there occupancy fixed and if the cost is less then there security then they will receive the difference if not  then don't expect anything but a bill. as for the fuel tank if you have a bill form before they moved in the company that sold you the oil should have this in the records some where it should show the cost of course but also how much was put in the tank proving it was full before they moved in. if you can prove everything with out a doubt then you should make out well in court if it comes to that and learn a bit as well some new things to put in the lease for the next tenant.

If you're planning to get a loan on a property, it would be easiest if you have the LLC set up with a separate bank account that the funds can be put in.  

This is one reason for the arms-length appraisal rules that were put in place a few years back.

To deal with these issues, we developed contract clauses to be put in agreements.

I'm planning to put in a washer and dryer but am second guessing myself as I have heard that if the machines breakdown that I have to get them repaired.

I would replace the cabinets and put in granite even at a low ARV as it will sell much quicker

Deciding what sink to put in the bathroom and what countertops to put in the kitchen has been super fun for me and it got me thinking maybe this is something I should be doing more of.

However, you should still require a certificate of insurance, require the contractor name you and the association as additional insured and follow all the procedures your association insurance agent has put in place. 

You can buy it with cash, put in a door between the units and make it a fourplex.