., upgrade electrical or plumbing, if needed) or just the new room?

To @Andrew Kerr 's point and yours about regulations and Airbnb-friendly cities ...

Another thing is that I would also look to purchase a place that in the instance of any regulations against short term rentals in GA, could still cash flow at least minimally in case of a sudden forced change in strategy. 

Expense Item Monthly Expense   Mortgage (includes property tax and insurance) 1027 Repairs (ex plumbing, AC) 375 Maintenance (ex yard stuff, light bulbs) 375 HOA 40 Property Management 150 Legal/Professional Fees 0   Total Expenses $1,967.00 Other: After three years, loss of tax-free profit on a sale.  

Complications:- lease language contains clause that "tenant should maintain plumbing fixtures and report issues", but it doesn't say anything about preventable damage.

They did ask if I had plumbing and electrical experience.

I live 40 miles away, so I called the owner of the biggest plumbing co in the city and he and 2 techs dropped everything to get to the property within 10 minutes of my call.I had put a garage outdoor access remote on the outside of the house.. they couldn't get in thru that because THE POWER WAS NOW OFF.Luckily i had put a coded door knob on the kitchen door that opens to the deck-- i gave them the code and they were inside instantly.The water heater was STILL SPEWING WATER full blast in a stream so strong it was hitting the second story ceiling and hitting the ELECTRICAL PANEL also located in the garage and that's what had knocked out the power .The plumbers immediately turned off the inside water main cutoffand sent me photos of the EMERGENCY SITUATION the pm so calmly let me know about by email an hour earlier.i fired the pm co that instant and got on the phone to STATE FARM (my HOMEOWNERS/rental policy dwelling ins co) all whiledriving an hour to the property.i also called the city's best WATER EMERGENCY REMEDIATION COMpany while en route.When i got there, the water was turned off ( finally)the drywall ceiling had fallen in, the light fixtures destroyed, the garage door opener plastic case was HALF FULL OF WATER and there were 1000s of mold blooms on every surface and hundreds of stacks of spiky growing black mold (looked like iron fiilings we used to play with in that game we all had as kids where u use a magnet and drag the iron filings around to put hair and a mustache on the bald guy cartoon photo) the mold spikes were 1.5" tall on the wood railings and stairs going into the house, on all of my beautiful built in wooden garage shelves--- what a mess-- like the streets of Beirut after the bombs went off.and I don't have allergies -- but i could not even STAND inside the garage because the WET MOLD MILDEW SMELL was so strong it instantly gagged me and gave me a headache and i couldn't breathe.So here we are on Jan 17 and now i know that the BEST rental dwelling policy does NOT COVER MOLD REMEDIATION AT ALL ( so far $14,000) but it does cover water damage with a $2500 deductible...

I was 18 at the time, picked up a 1960s mobile home that sat for 25 years in a field in Montana, mostly gutted, bad plumbing, etc. for about 550 dollars.

Plumbing - galvanized?

The inspections cover everything from Fire Alarms and handrails to plumbing codes and egress points.