I read through the BiggerPockets lease for WI and was very pleased with the level of detail.

My husband and I are thinking whether we should fix up their old house to rent it out (the house is free and clear estimated around +$600k with market rents in the neighborhood of $2500/month), but it needs work (cracked walls, replace carpet, remodel kitchen/bathrooms). 

Hey Justin can you share a few more details about the property? 

Could you please explain to me in layman's term what this means in detail and pro vs cons for me. 

You may have to pay in quarterly estimated taxes (Form 1040-ES) depending on your total tax liability, and how much you have withheld on your W-2.

do you have line item details?

You should consult a local attorney familiar with laws  and processes of your jurisdiction and the details of your situation which may significantly affect circumstances and outcomes.

I plan using the agent to help me sell the property, which I hope will give them an incentive to help me.Find a contractor to give me an estimate on the repairs/rehab of the property.Once I've collected all of this, I plan on reaching out to private lenders and providing them with the information I found on the property which I HOPE will be reinforcement for them to invest their money in the property...

She did give me some details regarding the roof, but was pretty vague regarding the interior.

I will spare the details.