However, it is need of some modernization(kitchen is 30 years old, plumbing and electric need updated, paint, etc). 

Ridiculous Example - If you verbally agreed that he paint the house purple as a condition for him to move in and he painted the house purple, you could argue that's why he painted your house purple.3) Document actions that you have taken to comply with both the written contract and whatever you came up with in item #2 above.

PM's job: Advertising & showing the home, screening tenants, collecting rent, evicting bad tenants, fixing intermittent, urgent problems with your $$, and repairing the house (paint/carpet/upgrades) between tenants.Logistically:- I screen quality, mature tenants who show diligence and care.

I figure maybe $5k is needed to renovate (paint, replace carpets, fixtures).  

Paint and caulk can go a long way when it comes to making a house look good in pictures.

New paint on all painted surfaces.4.

I'm looking to get into wholesaling and some fix and flips, I'm currently working at a warehouse building Honda seats and also have a part-time job at Home Depot in the paint department .

Everyone is looking for the path of least resistance only to find out the path is so rocky and they weren't prepared for it. 

Make sure no trash or "debris" (jackets, paint cans, etc) are visible.  

There were a few drab areas where it could use some new paint, but nothing too wild.