So realistically we have 20k in equity, and can only rent it for about $100 more then the mortgage payment.Here's the deal, the house is now 10 years old and needs some small upgrades (counter tops, paint,...).

Thanks for the input , i was planning on focusing mostly on kitchen , bathrooms and maybe flooring, as well as a new paint job.

It will need exterior paint very soon.  

If the renovation is extensive, you could run into some unexpected repairs like a broken sewer line, or mold that is found when the cabinets are ripped out.

I really thought that I was going to tackle all of the painting but I have decided to farm the painting out as well.Is this being too lazy? 

I am looking for properties that aren't too distressed but may need a little paint and carpet rehab, nothing too major regarding repairs.

A 8X8 deck i need installed attached to the sliding doors. and the stair well entrance will be painted as well. 

We will be remodeling, new granite, floors, paint, hvac, etc.

I am having hard time imagining a seller to be that big of idiot to sell 6 br for 125 k, that only needs a carpet and new paint, and couple things here and there.

Kevin Sky Painting This is who I use.