For rental condition, make sure everything is clean and functional (and safe) and has amenities similar to those in your area and price range.... no need to make it look like HGTV after shots...Some of these items you list sound cosmetic and it may fair well in your rental market as is or with just some minor fixes (again, I would look at similar units for rent (not sale) in the area to get an idea if formica and older carpet is the norm in your area and price range...)And I would simply look at temporarily blocking off or restricting the fireplace use, clean the carpet, tack on the molding.

I am looking to purchase in the $2 million range and expect to hire a property manager for the property.  

What type of properties / price range do you like?  

Isn't there an opportunity there for them to come up with a more unique format to really expose the every day world of investing? 

We are currently in the position that we would like to buy land (2-5 acres) and build around the $350-$400k range.

MLS is also regional and unique to a specific RE Board.   

My job is likely in the $20k range and would include significant kitchen and exterior work.Thanks!

I will definitely look for a mortgage broker that can give me further guidance on NHF's program.We will probably be seeking an FHA loan to put down below the 20% = probably 10% is all we'll be able to afford (assuming 200-300K price range for the property) in order to keep some form of maintenance / repair slush funds available to get started with so we shall see I suppose.  

Depending on your price range there may be very little commission per transaction and from an agent's perspective the time spent looking at properties may not be worth the return.

In the area that I invest, the rent ranges from 850 - 950 for a 1 bedroom and 1000 - 1200 for a 2 bedroom.