Second (actually it should be first), you should get pre-approved for the Refinance loan prior to purchasing a property.  

At a minimum we do yearly inspections (prior to renewing).

This is why your situation is tricky because you're working with a deal you made prior to getting into REI it seems.

Evaluate worst case and insist that there's still money to be made.However, managing for myself, I did get ~35% expenses for over a decade and this is while I was catching-up from prior owner's deferred maintenance.

The house does have air conditioning and a gas furnace.I'm trying to decide whether to repaint them or replace them prior to my 1st tenant.  

Should I develop a businesses entity prior to starting?

i've been a land lord 8 years and had 6 units prior to last years purchase. 

Looking for some feedback....Our prior rental house we just vacated  was fully professionally landscaped prior to us moving in because it was listed for sale.

They walk thru with you and sign the check list prior to move in.

Actually it is fairly simple since the relinquished property in undeveloped, it has no prior depreciation or schedule.