I updated the paint colors inside with modern light grey to brighten up the space and finished off a partial room in the basement into a “bonus” room that could be a bedroom, office or den.

I use these documents, along with Brandon and Heather Turner's "Managing Rental Properties" book which has bonus content to make all this smooth and easy.Happy leasing!

You get to start learning, at least by exposure, the ins and outs. 

The garage and bsmt are "bonus" sq ft and enhance the property when comparing it to others to the point where it could make it more atractive...and sell/rent before the others.

I consider appreciation as a bonus for the whole endeavor. 

If you can upgrade the outhouse or set something up inside, bonus points for that. 

What do the builder warranty laws look like in your area and what is your potential exposure if you sell?

You will want to do installment payments where if the deadlines are met for getting let's say flooring, cabinets, and dry wall done by the 4th week, then they get paid with a little extra bonus. 

The walls tend to be very well insulated which makes for a bonus when renovating.

Bonus if you own it because it's not a Land Contract.