If i am sure that I will go the Rent strategy, I would spend a bit more to put in more durable finishes such as tile flooring potentially higher grade countertops and casework, etc, compared to flipping.

I just purchased the house a couple years ago 0 money down and I still owe a fairly decent amount so I may not walk out with much spending money depending on the price of the house.

For example, Bridgewater (Bridgewater State University) had two duplexes sold recently at $542,000 and $575,000 - still over your budget.I think you're going to have to raise your spend or consider another area.

@Chuck Holland -There are a ton of question to answer your question.How much do you have to spend?

For example, if it were that simple, doctors could just have patients sign off that they might die or be injured during surgery, and there would be no need to spend multiple digits of expenditure in malpractice insurance and we could visit a doctor for $50.Go after their insurance.

I realize denying applicants based on protected classes is illegal and immoral.  

To keep legislators from intervening; to prevent legislation investors will find undesirable.With so many people out there "doing it wrong" and "learning from their mistakes", a point is reached where legislators must step in to protect those who are being hurt: lenders and other money investors as well as tenants and property owners / buyers.Want to curb further tenant-friendly ordinances and other legislation which hurts investors? 

Cap rates can be all over the board and there are basically no comps on MLS to justify what to spend. 

I'd hate to spend money replacing it when it works perfectly fine.

So my questions are this:How do I protect the money I put into a property if I don't own it?