With duplexes, the only challenge with FHA is that that the property still needs to meet strict requirements as far as the condition (e.g. no peeling paint, no exposed live wiring, etc., etc.)

For Expenses I track: Track Expenses by Vendor - Helpful for filing Vendor 1099s at the end of the yearTrack Expenses by Category (Purchase, Buying Costs, Holding Costs, Selling Costs, Financing Costs, Repairs (roofing, siding, painting, etc.) - Helpful for tracking actual expenses against my budget.

To paint will cost $900, to wrap with aluminum and make it maintenance free will cost $3600.

Any recs for best paint to use?

For large tasks and project milestones (rough-in, framing, drywall, doors & trim, painting, etc) I build a Gantt timeline using a scheduling tool. 

I was told that when a rental house is sold, we would have to "pay back" costs like replacing hot water heaters, HVAC, replacing carpet, painting, etc. that we previously used against income from the rental business and a profitable pet/house sitting business.I am confused by this and not even sure I am asking in the correct forum.

Here are the top 10 I observe: Not following Federally and State mandated lead-based paint disclosure.

I have experience in the basics such as tiling, finish work, painting, etc. 

All new fixtures. 5000 Replace improper basement ductwork 3225 A/C coil and condenser 3200 Stairway into basement - bring up to code 2250 Washer/Gas Dryer (stacked) 1800 Paint throughout 1500 Transfer taxes 1200 New carpet - stairs and both bedrooms 1000 Gas water heater 800 new fridge 800 Exterior paint 800 Demo/creation of fridge location 725 Replace wood rot along roof line and cap with metal 700 Roof coating 700 new gas stove 600 Trim repair, doors for both closets, door for 2nd bedroom 500 Window blinds throughout 300 Minor siding repair - rear 200 New screens 150 Total costs 34200 Offer ALL CASH 21799

I have heard of storage/garage or laundry angles for revenue (if you have these to charge for), but for most 2-4 unit owners, the early story is probably not a quick top line growth story (but a slow one as the market will usually incrementally justify increases) but you can improve the bottom line (alot) as a really diligent hands on landlord in my opinion.... so your costs can come down, be it for DIY repairs, painting, mowing, management, etc)... and this in turn helps with happy tenants who will stay (reducing costly vacancies)...