I have hardwood floors on the first level and have decided to replace the carpet upstairs with something more durable.  

But trust me, if the contractor runs off with your money, you will be glad you paid him less upfront and paid for the extra draw fee.

The more well-versed you are, the easier things will be and the more comfortable you will be talking to professionals throughout the process.2) Find a good real estate agent that you can trust.

Hey BP family!Me and my business partner are looking to purchase our first investment property, classic House Hacking style! Would love to hear of any Real Estate Agents you've worked with in the past and would recomm...

The system that we use and that keeps things efficient is the series LLC combined with anonymity trusts.

I was in the same situation you were just a few months ago, and investing in real estate (albeit actively) is what eventually got me to a level of "financial freedom" that allowed me to quit my full time job. 

When they do, they do so into an investment they trust, and especially in the case of real estate syndicates, with investment sponsors that they trust. 

Budget $40-50/SF for template, install, sink and basic level.

This will decrease your stress levels and elevate your belief that you are able to be an investor and do this business.

Current rents: you can glean this information through online sources as well as old-school searching (walk-ins, calling the buildings)Talk to local brokers to get the inside scoopMarket analysisCheck to see if building is in a flood plainYou can ask for, but these items are usually provided after signing a contract: Leases for lease auditing against bank statements, tax returns and leases (usually not provided before a contract has been signed).Tenant payment historyViolations, delinquenciesLease addendum and/or other agreementsTax ReturnsBank StatementsUtility billsCan RUBS be implemented (some municipalities may not allow it)Service contractsReserve fundsEnvironmental assessmentEmployee recordsStructural issues including foundationEmployee historyOther value-add features that can be added include:Trash valetCar portsStorageDog parksTo be honest, a similar level of due diligence is required across multifamily and manufactured housing (mobile home parks).Best of luck!