You have an obligation to "mitigate" damages...in other words, you need to make reasonable, good faith effort to re-rent the unit.

I want to begin with smaller projects to test the waters.

However, let me tell you, I've done some cleaning up after tenants and it can take days to clean up their filth and hundreds of dollars to repair the damage.

Vacancies, economic vacancy (like the "two months free" you mention), advertising, utilities when vacant, evictions, tenant damage (brand new or not, tenants can still do damage), CPA, Lawyer, maintenance, property management, etc.

Heaven forbid something would go wrong and a tenant would sue you for damages from improper repairs.

That means less damage to the property, less headaches with problem tenants, fewer evictions, and so on.

There are some things which may need to be upgraded within the next 5 years:Siding - currently there is masonite siding which is prone to deteriorate over time; Probably needs to be pained in a few years and there are some spots which are damaged.

Other issues were water stains, water leaks, Fireplace chimney wasnt tall enough and she was questioning the stableness of the building.

Heaven forbid if a tenant has to be evicted and causes a lot of damage in the process.

I am a first timer with rentals and I found a house that I want to "test the waters" with.