There are a lot of factors on the rent analysis for it to be accurate  (does it have a pool, is the pool updated, does it have a spa, kitchen/bathrooms updated, proximity to nightlife/activities, what is the back yard space like?).   

Before I jump in to this investment property journey, I’m curious to learn how you set up business expenses, rent collection, update costs, etc organized so it’s easy for tax time and analysis.are there programs or systems you swear by?

I also had my property manager update the appliances.

House will need a little work, but should value around $175-$180k with updates.

How do I go about updating the new square footage in the records, at least by the time I sell or advertise as rental in the future?

The property is in pretty good shape, but it could use some cosmetic updates and the in-ground pool probably hasn't been open in 5 years. 

  :)  I'll provide an update after it's all said and done as I think this is a great learning exercise for the BP community.  

Share updates on September’s activity in the markets you serve!

Keep us updated on your progress and good luck.

Looking back at my notes, it was actually only for an additional $4,500, which gives a total of $9,500 SA (post updated).My total closing costs for the property were about $22,000 total, so the $9,500 of SA brought my out-of-pocket cost down to around $12,000.Hope that helps and good luck with your RE journey!