This way you are informed and can ask appropriate questions.  

I want to be sure I'm appropriately managing the expectations of people I might be working with.

If not, do you know how to vet contractors appropriately? 

The appropriate comparison here is 1) how much equity do you have in the house (appx 65k i assume?)

Put in all the clauses that are appropriate, requirements of the tenants, early termination fees, etc and include language about severability.

I did my taxes with an online software for two years and really thought I had entered my depreciation on my rentals appropriately, only to find out later that I had not.  

I have help a lot of clients make sure their business plan will read appropriately for the bank.

@Franklyn Ventura there are times it's appropriate to hire a tenant.

The 7500 with quicken seems crazy high but the 6% seems appropriate compared to what I’ve been hearing lately from my mortgage broker. 

Seems like you'd have to cut the joists back @ 24", get the pieces detached from subfloor above, and then after getting proper width rim addition 2"x10" installed, you'd have to appropriately sister the joists up to the reinforced rim.