Electrical and plumbing were already installed as was insulation. 

You should also study your state landlord tenant regulations.

Florida has some different regulations around this. 

You need to study your state landlord tenant regulations before you enter into this business to protect yourself and your tenants.

@Sean Bell Go to the Rutherford County website, Planning and Engineering, and download the Zoning Ordinance and also look for Building Codes or Subdivision regulations.

Should I be having scheduled inspections of certain items on the property (AC, plumbing, roof, etc.)?

I think the regulations need to be updated and refined - as it is right now anyone can get a certification from a doctor that they need their ESA - for a few bucks on the internet.

Also with the house being built in 1947, I concern that they may want me to bring it up to code with electric and plumbing; which my blew my budget.

With older homes there may be some deferred maintenance and maybe some unseen big ticket items that could come up like plumbing or electric.

You'll get eaten alive.I know it looks tempting to compare regulated rents with market rate and start fantasizing about the potential property, but it is incredibly difficult to make that a reality.