If she doesn't get her certification and decides to break the lease courts could rule you rented the property under false pretenses,and decide she won't have to pay any fees for breaking it.

Is there a different rule of thumb for running comps in a rural area or smaller city?

Okay, I've copied text from a landlord law book, and I have annotated each of my property manager's infractions against the rules set out below. 

Of course there are exceptions to every rule but instead check out the nearby communities of Belton, Independence and Grandview.

I don't have a particular property in mind, hoping for a 'rule of thumb,' so to speak, that I could apply to future properties. 

In general, I would suggest repairing the rented unit when it is rented now because once you move in to renovate, yes the improvements are added to the basis, but repairs are not ( there is one exception) Although there is a rule that when you are improving the personal residence and there are minor repairs done with the improvements, those repairs can be added to the basis, but you would benefit more doing the repair now while it is rented to get a tax deduction right away rather than adding to the basis. 

The home needs work, but it’s in decent enough condition that it can possibly pass for a conventional loan with certain restrictions.

Could someone tell me if that is a possible option or are towns getting more restrictive on zoning requirements.

@Michael Ndjondo makadi Here is the link to the IRS rule about the sale of your primary.

Hi - From what I've been reading there are restrictions on HELOC interest expense deductions.