But, since you asked, here are a few items to be very aware of when you're reviewing your insurance program:Matching the property to the correct type of policy: Every type of property (single family, 1-4 multi-family, 5+ unit multi-family, vacant, rehab, commercial, etc.

However, if I turn the unit over I am estimating having to spend at least $15k cleaning the place up (new carpet, paint, misc fixes and updates) if I want to get that rent.

Odds are you will get some of them back at some point and have to resell them.2) You might want to have your attorney review the lease to own contracts to make sure they are SAFE act compliant (unlikely).

So assuming you don't spend all $453k on the property, you will still have some left over for a more permanent home later in life. 

We spend upwards of $25,000 per year on electricity. 

Walking away from a property after spending significant time and money during acquisition and due diligence phases.

Is it worth spending $2k to replace this carpet even though the value of the property will not be raised due to a consistent sale price over the last couple years throughout these 2 bed 1.5 bath condos regardless of condo condition?

Since they rely on reviews a lot, you may not have enough data on someone who is new or if you live in an area that isn't well populated.

Spend time with them.

If you have too many partners you will spend too much time communicating, agreeing and disagreeing etc. and wasting time.