The two apartments needed a little bit of fixing up as well (paint, renovated kitchen).

FHA can be a pain with the chipped paint requirements due to lead base.

I know some company’s offer carpet cleaning or painting one room as a renewal perk after a few years.

CHECK LOCAL CODE.With that being said I'd like to paint a picture for you.

Wisconsin Legal Blank is the best source----Lease, rules & regs, Addendum to non-standard rental provisions, lead based paint disclosure, lead booklet, smoke detectors addendum, carbon monoxide detector addendum, bedbug addendum, mold addendum, check-in check-out form.

I will do some painting, and plan to update fixtures to make the place more modern.

If the house need things like paint and yard improvements, I would use pizza and beverages of my friends choice to fund those simple upgrades.

Tommy,From a strictly Insurance standpoint, the normal cautions apply (flat roof, knob & tube wiring, lead paint, fuses, Asbestos siding, etc). 

Phase one is get things updated enough to open (new beds, paint, flooring, etc.) then Phase two happens in the off season and in smaller chunks of rooms at a time to get it to where I would like it to be long term.

I own a small painting business in addition to being on staff at a church part time leading worship.