I have fourplex in San Pablo, CA, where one of the units has recently developed a lot of mold in coat closet, bedroom, living room etc. 1) I am all set to have the sheet rock, flooring, bathroom redone.

BTW while commercial loans for which you have to have an EIN (and at that point why not do an LLC for the asset protection and pass through benefits) are a different animal, they can open up a lot of properties since you aren't bound by the same mortgage parameters as conventional loans. 

Make sure you screen the tenant to make sure there are no dangerous breed animals ......I literally lay it out and say, no pets that, when fully grown are or would be more than 25 lbs.

A painter is going to charge you ~500/coat on the cabinets.  

You're also going to need to repair/replace gel coat and carpet every few years.Aramark runs the concessions at Lake Powell, Lake Mead, etc.  

At our 12 plex, we are taking rents from 400/mo to 800/mo but that is an entirely different animal.

FHA 203(k) is a pretty different animal simply because of how the disbursements for repairs and everything work.

So we swept them out, vacuumed them out, scrubbed them out and disinfected them, and then we painted inside and out with primer coat and a couple coats of paint designed for cabinets. 

You can 1) raise the normal rent price at time of renewal/addendum; this is definitely recommended now that you are adding a tenant to the home and a dog, plus the property is already below market value (could be worth checking out services like Rentometer or Rent Range to get a precise idea as for where your unit pricing ought to stand). 2) Add on that pet deposit along with a monthly pet fee (so long as this isn't an ESA or service animal, and as long as your state doesn't dictate a different process for this).

A or B class is a different animal than a C or D.