The lady was crying, my wife was crying, it really was a sad story, but they were happy with the deal and the way everything was handled.Unfortunately there were still some variables.

It's a supply and demand balance.

@Candice Blair There is a very limited supply of rentals in Midway right now.

Local banks or credit unions are good resources if they offer financing on properties in need of updates and can supply the loan in the name of an entity (LLC), hopefully keeping it off your credit report.

Many of those variables you can find with researching a specific market: HOA, PM, Capex, maintenance, vacancy, debt service.  

I have started to assemble a book of common issues and fixes that I will eventually put together into a handout that will be supplied to the tenant at the time they move in.

I suggest that you educate them by supplying information that relates to the problem prevention is key.

Too many variables in the industry for small picture guys.

Each of these variables will dramatically change the advice for the individual asking this question.

Contractors are in short supply now so you're likely to be busy no matter what.