I'd also really like to see if anyone has a sample lease that they might share or even a good contact in the Cedar Rapids, IA area that might be able to help on the leasing of this space. 

No one (even the most prudent individual) is scanning the interior of their walls for potential electrical issues, and thus you would not be found negligent. 

People here on BP don't really like hearing it, but if you don't have a ton of cash and want to scale, you need to buy in growing areas that are rapidly appreciating.

Hope some of my rapidly expanding post helps!

Maybe there is a university down the road that has a housing need and is rapidly expanding.

I still like Indianapolis and Kansas City for cash flow but for new, secondary markets, I'm going to go against the tide on this and say Grand Rapids, MI.

That was one of our first rentals and a mistake we never made again.At minimum, you'll need:Rental application (BP has some samples)LeaseLease addenda (drug use, specific cleaning stuff, flammables in detail, pet stuff--whatever)Walk-through forms that have room to write down any issues and initial it (btw--we take pictures and put the pictures and a scanned copy of the walkthrough in Dropbox and e-mail the tenants a link).  

Positive cashflow creates a large snowball effect, because your interest cost and balance rapidly decrease every month in unison.

In some cases, the listing agents are actually having their reps scan for advertisements. then ask you to remove your marketing on that property until after you have closed.

Net result, those visits should be a win-win.I also get reports, receipt scans, etc. through my owner portal in Appfolio.