I've offered 50k under asking on a 230k listing and explained why up front (ended up spending twice that with upgrades on top of necessary stuff) but was up front and they accepted.

Basic cosmetic stuff.  

We have an account where we set aside the funds to "self insure" and then if there are damages under $1000, we just take care of them rather than argue with the guest about stains on towels and minor stuff like that.

Not financial advice (good stuff covered above), but if you DO get into the position where your current LL wants to know if you are renewing your lease, ask if you can add a "home buying" clause.

We kept most of our stuff in a local storage unit.

I listen to bigger pockets a lot throughout the day and keep trying to google and youtube as much stuff as I can.

You have to have sellers sign disclosures and stuff and besides being an agent is a different business.

But also stuff like insurance coverage and what happens if the house burns down half way through renovation!  

I wish I was handy, but me and fixing stuff is like oil in water, it just doesnt mix well.

Great stuff though thank you so much!!