In this case, about 29% of the rental income will be used for expenses on top of your mortgage and taxes (2,600*0.29) = $764 total expenses = 2,000+764=$2,764. 

After cleaning I cast another vote for Zinnser BIN, it is expensive but it is the best primer for covering smells I have found.

I know that last part goes against a lot of what they talk about on the podcast and trying to keep expenses down :)What are your (or anyone else's) thoughts?

Control your repair expenses by learning how to do them yourself.

We probably would want to give my parents some money monthly, but am I allowed to put it on my schedule E in order to deduct different expenses?

i see two options here 1) you can go back to dad and break it down as hey i cant close on the house until it's vacant and see if he can help in getting them out, 2) offer some moving expense if the lot is really that desirable to you I know not what you want to hear as the investor but it has worked on numerous occasions, 3) you will have to take it to the courts as final resolution so the sheriff can remove them.

I know how serious lead paint is and that it’s really expensive to deal with, so I’ll probably only go into a situation with possible lead paint if nothing is peeling.

Just because it is expensive or a pain in the butt to fulfill a contract does not mean you get an out. 

I just got back from touring a colleague of mine's properties and came across an interesting (and expensive) situation he's currently dealing with.

common areasThose portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance.