Only if you have enough savings to cover both mortgages if the market turns bad and you lose your job and can't get a tenant for the rental.

They will be screened like everyone else;Once approved, they must pay a $50 administrative fee to cover our staff time;Tenant must review the lease and all addendums, agree to them, and sign them.Pretty simple but you should use this opportunity to develop a process and put it in writing so you're prepared for the next time.

Even though there is still room for promotions and different job titles.

@Pandu Chimata ,The gain on the sale of the property is not taxed until your 2018 taxes are due in 2019, but if you made a significant profit, you might want to ensure that your W-2 withholding, if you have a regular job, is enough to cover the extra taxes you owe on the profit or make estimated payments so that you dont pay any penalties for underpayment of taxes you owe when you file your taxes 2019. 

This is where I saw an opportunity.I saw the potential for my grandparents to leverage the equity in their two unit home to pay off their new purchase in full and have the rental income cover the debt service.

.- Should I keep the policy as is at $24k to just cover my initial investment?

If you purchased the property correctly, the tenant's rent payment will cover the mortgage.

I would only do it if I had the time and they paid me a decent fee to cover my time and an ice-cream cone.  

$79k @ 3.5% would be a down payment of just $2,765 which would leave you ~ $13k for other REI projects (or to cover more costly renovations).

Penetrations/cracks in the building covering: This is common with stucco.