Like above screen tenants and screen heavy, set expectations quickly and clean on communication and anything within the lease agreements.Location of course, pick somewhere business wise of potential growth/sustainable economics so when you move out you can easily lease out not only your unit but the other during turnover.

As an out-of-state investor (Live in PA and have property in DE), we do our own property management (Short-term Vacation Rental Condo) - HOA does all the outside and pool stuff and we book, stock, and clean it ourselves...so I can't help you there either.   

Even though I haven't purchased my first property yet (waiting for June when my downpayment money matures in a CD) I have a schedule of research and regularly meet with other investors and keep track of my educational process.  

I found it through a regular property search.

If there’s something that affects how much money you have on hand that isn’t shown by simply looking at your salary, be prepared to document it.Explanation of any credit inquiriesSubstantiation of any large deposits or cash gifts that aren’t regular income.

@Sean HarrisonIf you're self-employed, you might be eligible for a Solo 401k, which offers many benefits over a self-directed IRA: Compared to an IRA, Solo 401k contribution limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)I'd recommend you reach out to a few providers who regularly post here on BP to get a better understanding of your options.

If it’s a higher-class neighborhood, maybe stainless steel appliances, but they do need more cleaning.

You can just clean it up enough or fix up to a certain standard you set.  

Just did a turnover to new tenants and they clean up nice!

The reason I ask is we are pitching this model to friends that may want to invest and get involved and I want to build an accurate performa.That being said, do you all have insight on what the original startup cost is for furnishings, small appliances such as coffee machines and first round of consumables (ie coffee, cleaning supplies, toilet paper etc)?