Take photos of everything in the home prior to handing over to tenant- every light switch, every baseboard, drawers inand out, etc  So that when they move out, there is no debate as to the condition it was left to them.Be clear in the lease of who is responsible for what- pest control, gardening, repairs, etc. 

Cash you can fix after the purchase, but you probably want to do before the tenant moves in....so in case you have to fix fresh water or sewer you can do that while they are not there.If you use hard money they might also require you fix.Conventional lender may not lend on a house with structural issues, so that might not work.

Last post I found was 5 months ago and I wanted to update with a fresh post since apps change and come out so frequently.I will update the opening post with all the apps/websites referenced to make it a bottom line upfront (BLUF) for easy viewing. 

But if you don’t have a story to connect, I think including a letter is absolutely still a good idea.May 6th, 2019My name is Bitsy and I'm writing to introduce myself on a personal level outside of my application and also share my sincere interest and desire to rent 623 Webster St.The neighborhood is beyond special to me having spent my childhood spent and ultimately best years of my life growing up on State Street between Garfield and Pitt St.After graduating college, I spent the next 10 years living in New York City and moved back in 2016, but this time, my family homes were split between the Warehouse District, Garden District and Covington.Since 2016, I've been lucky to rent apartments from two great landlords who trusted and recognized my accountability both in the Cotton Mill and on Prytania St near Louisiana.But, part of me has still felt a longing for my old neighborhood.

(after a fresh coat of paint and maybe some new flooring) I believe if I lived in one and rented out the other after one year I could move out and cash flow pretty well on this property, and get a 30yr. the only thing that I am concerned about doing is putting a large 10% to 20% down payment on this property knowing that I won’t cash flow the first year because I will be living in it.

I found your answer very helpful since I’m looking for a 4 family in the Gardener/Fitchburg area for cash flow and currently preapproved for a small home style loan.

Garden shed is also retained for owner storage and not available for Tenant use."

Personally, I recommend a fresh lease every time.

Since you're fresh, 70-80% of the purchase price would be funded and 100% of the rehab would be funded. 

I wish I'd just sucked it up and replaced it with a fresh tub.