There are a lot of really terrible flips here, so there's opportunity to separate yourself from the competition, just make sure you budget correctly and make sure there's enough meat on the bone. 

It's tough to know how much to budget for lead paint when you don't have time for a contractor walk-through before having to submit an offer.

With only $10k of investment, I'd counsel you to go with the FHA 203k route because the loan product only requires 3.5% down payment and you can finance 100% of the renovation budget.

How do/did you decide on a budget for the renovations that need to be made on a rental property?

Of course the money is for the rehab, but as long as I have done the budget correctly, I will not be out of pocket at all with 32k in my checking account.

What's in your capex budget.

My long-term tenants in a a town home have acquired 2 very large pick-up trucks and a sedan since signing a lease last April (it expires 4/30 this year).

You're taking on a multi-family where you can't determine the cap rate and your reno budget and income are more than likely guesses. 

Budget a contingency and assume these from that bucket. 

If it is going to be my responsibility more often than not, would I be able to write off a new truck as a business expense?