After buying the property and viewing it I quickly realized why noone had rented either of the vacant units: both units had what looked to be mouse crap on the floor and the other unit had a broken window (not cracked - a literal hole in the glass) and there was a hole punched in the drywall (covered using cardboard). 

Or you can call up some of the local property managers and ask what the averages are in a specific area and how its broken down by bedroom, sqft, ect.

thanksA few things need to be broken out here....So the $4k of interest will be deductible On a 100k property only the building value will be depreciated.

That's how I'm approaching this challenge, prepare as you mentioned by learning from others but then taking the leap and inevitably making a few mistakes of my own.Admirable and manly as this list of professional achievements is, there's nothing here about overcoming serious mistakes, about being laughed at, ridiculed, successfully taken advantage of, bankrupted, stripped of your illusions, broken on the wheel of life, and still finding a way to come back from shame and personal failure.You're going to need some of that, Gregory.

If my assumptions are correct you’re just one bad water heater/ one broken pipe/ one eviction away from big trouble.

The most recent project I completed was epoxying my basement bathtub and replacing a bunch of broken tiles.

Let me first provide a little context on where we are at with the deal and the overall condition of the property.My intention: Primary residence- 2 yrs, then rentalLocation: Denver, CO (Very high growth neighborhood, this deal was almost all dumb luck...)Condition: House is B Class, recently remodeled, 3br, 2ba, huge yard, carport, shed, new roof, everything about this house is above and beyond what I consider move in ready.Asking price:  $399,000Days on Market: 27My Offer: $375,00 (Accepted)Contingencies: Inspection, Appraisal and Seller allowed to live in the property for 9 months after closing while new build is being completed.The seller is in a position where they need capital to finance and complete the build that has already broken ground on their new home. 

The property rental insurance (landlord insurance) and my personal umbrella policy cover me for my current involvement in my properties.We discussed liability, slander, libel, broken legs, dog bites, defamation, etc., as it applies to being a landlord.

He let someone he trusted move in next door without a lease as that person does work around the property for him, and that person let someone else come in and had a quickly broken relationship with second person, and that second person let a third person come in with a new relationship with second person.

I have some windows with broken parts (locks and track tabs) that need to be repaired.