Does plumbing and electric need to be brought up to code?  

@Jeff Stansberry you need to do some research on "frayser" and that zip code before you buy.

I spoke to an out of state turnkey investor yesterday who specifically recommended to avoid that zip code based on tenant quality, crime, etc.

For example, I had an air handler replacement in which the home warranty company “covered” the new unit install, however they would not pay for the Freon recovery, installation of a float switch, installation of a filter base, and other items required to bring the house up to current code.

As near as I can tell, residential use is allowed within the zoning code (I am verifying this with the City).

I have been using tenantreports.com lately; I get a discount code from being a member of certain real estate groups, and with the non-discount price being reasonable to start my discounted price ends up less than what other landlords are charging for their application fee.There are other tidbits contained in the credit report that are quite useful in tenant screening.

I am going under contract for a property in Smyrna , GA, Zip code 30080 . 

They had some electric work that needed to be done for inspection compliance and altered some lights.  

I was also required to replace the two circuit breaker boxes and bring them up to code.

. - $xxx.xx :: Get a building inspection if needed and comply and improve the property to satisfy rental code.- $xxx.xx :: Hire a property manager - $xxx.xx :: Calculate Holding Costs (taxes, insurance, etc.)- $xxx.xx :: Add more hereGet a running total and have the family members pitch in equally or to whatever you agreed in the operating agreement.