How individual states handle that is different, some don't care so much and other love to write contractors fines.Getting a lead abatement license is a compeletely different thing.

Keep in mind the security deposit is not to be used as last month's rent belongs in the bank until the tenant moves out.

Don't forget to contact your insurance company - as breed/weight restrictions can vary from carrier to carrier.I usually suggest adding a section in the lease that is a notice to the tenant that the insurance on the property will NOT cover the tenant's personal belongings or their temporary housing in the event of a catastrophe.

Also, how do you handle the automated withdrawal if the tenant tells you they will have to pay late?

You don't want to be in a position to constantly defend why you are spending time away from the family to handle issues at the property.  

Just note that there is a reason you pay a professional to manage an issue/handle a matter on your behalf.

You could go several months with no costs whatsoever, and then get hit a $3000 air conditioning bill.My question regards how people handle this with capital.  

Just curious if anyone else has faced this type of situation and how it was handled.  

Would This be too big for me to even try to handle?

During the lease period, does the investor act like the property manager (or hire a PM) to handle repairs and collecting rents.