Instead of going the multi-unit route, I got into financing through lease options and instalment sales.

Tenants might install water beds, etc.Ask what kinds of rents policies you should require of your renters.

That would be for them to cut the concrete, put in a header if it is needed and install the window.  

We have put in high efficiency windows, replaced the A/C unit last summer, upgraded the flooring and installed an extended patio.  

Here is a "cheat sheet"Pretty Houses, no equity -   sub2 -> rent out,  lease 2 own;   wrap -> rent out, lease 2 own  lease option -> assignPretty Houses, 20% equity - list with agent; sub2 and note ->rent out, lease 2 own; wrap -> rent out, lease 2 own; lease option -> assignPretty Houses 20% - 95% equity - list with agent; sub2 and note -> rent out, lease 2 own; wrap -> rent out, lease 2 own; lease option -> assign; lease option and sub lease-sub option, possible equity splitPretty Houses - 100% equity - installment sale, payments to seller substantially less than market rent; Possible 2 Notes, do a partial sale at a discount of front end 60 payments on 1st noteMinor Rehabs - Joint Venture with the Seller (give note for equity, pay off note after resale), JV with Money PartnerMajor Rehabs - Wholesale Contract; JV with Money Partner, Hard Money Lender, Private Lender IRA Loan, Use your IRA Loan@Steve Vaughan may want to add to this.

I have a 2BR that is having new carpet and vinyl installed prior to the new tenant moving in on the 15th of May.

It literally takes 5-10 minutes to install Wordpress.

As far as work goes, I have three doors I need to install then this house is ready to go.

In contrast, your 20-year old, gas heaters most likely have an efficiency between 60 and 75.If you do the math, you will likely find that if your existing water heaters run for another 5 years, the difference in fuel consumption to a new heater would pay a considerable amount of the acquisition and installation cost for a new heater.   

You will find out what your relationship is really all about the first time you install a problem toilet together, lol.