I really want to preserve my "super host" status if all possible - but enforcing our house rules is more important to me that my status. 

Definitely going to be easier to hit a nice single or a double on a buy and hold deal vs nailing a home run on a flip.

@Jill F. nailed it.I'm not trying to convince you one way or the other, and Detroit is not my market.  

Every year as a Building Contractor we would have various meet's where they would detail the persons they nailed in such cases.

Some things add value to a home (kitchen remodel, bathroom remodel, new deck, etc), while other improvements preserve your value from being discounted (new roof, HVAC, water heater, etc).

I have a budget listing, so I don't do a welcome basket or anything but there are cold water bottles in the fridge, ear plugs next to the bed, and extra toiletries (pads, tampons, nail file, eye glass wipes, etc.) under the sink.

Refinish what you have - flipping this property, you are going to be looking for a specific type of buyer and you will not recover the cost of residing it in a way that preserves the architectural interest of the property.

The law requires you to give notice: it does not require you to get permission.Nathan nailed it. 

Darius, you hit the nail right on the head on the low priced rental assets that are mainly in the mid west rust belt areas. 

Next thing ya know, 4th offer we nail it. 2nd offer, 7th, etc..