Financially, I told my wife that I'm looking at being taxed over $30,000 alone from my current income, $16,000 in donations/tithes, but I was looking into the math and saw that there are lots of things one could write off from home ownership $37k in interest on a loan potentially, $3.5k PMI, $5.4k property taxes, standard rental depreciation costs. 

(most people are unsure of how to record the items from the closing)2) improperly recording payments made to and from a property management company3) Improperly recording payments made to mortgage companies(not allocating it between interest, principal paydown, escrow)

It is rare to not find unexpected items and/or increased costs during renovation so $45k could easily turn into $55k.  

I do agree in not giving away the free rent, but something like a gift card for Amazon, Dinner, a donation to a charity that means a lot to them especially this time of year. 

Now I can say I’ve almost come full circle.During lock down last year I spent a lot of time watching YouTube videos and stumbled across an Australian (Lindsay Stewart) who was acquiring US properties remotely.I have been investing in property since 2007 but had never had anyone walk me through the process of how to successfully invest remotely.After months of due diligence I acquired a property in Roseville, MI from (having never been to that state let alone that city).I was able to buy it deeply discounted, with a tenant in place only doing minimum delayed maintenance items - 500 spent.The asset is generating a 10.2% net yield and once I carry out a cosmetic renovation that will increase to 16.2% net yield!

You also want to be forward thinking on your process to handle routine items with your tenants. 

When you understand these and other related items, then you can effectively formulate a strategy.

The property is very, very nice and belonged to an elderly gentlemen who kept up the place, but does have two major items that will need addressed in the near future: Roof replacement within the next 5 or so years, and a new AC condenser by Spring 2023.

So now you bought the goose-egg, and of course found a bunce of GC's who are happy to help fully reno the place, because that's all you looked for, a GC happy to do full scale reno, ignoring all items of at what rate, what speed, what cost controls, what references etc..

Example, they left a couch behind that cost you $600 to remove/excessive personal items that required you to "hire a cleaning crew/movers" - things like that... then you handle that issue on your own, charge the tenant out of the security deposit for it and use the funds as needed.