I would assume you would want to budget for roof 25 year life span. appliances and hot water heater 12 year life span. hvac 20 year life span, etc.

Completely different math and grade of appliances. 

In that town a brand new 2 bedroom apartment with granite and top of the line appliances is renting at 1200$.

Listing says new roof and appliances and "owner will provide a flooring allowance".

I think spending $30K on renovating/updating and putting brand new furnishing/appliances/TV's/work office will put this above and beyond the other vacation rentals in the small market. 

Big mansion with private pool and luxury appliances?

Depending on how long this would take, I could start renting a unit immediately after paint and new appliances and vinyl floor to get cashflow coming in, and work quickly to get the other unit rent ready. 

I haven't experienced it myself, but I've been told of people installing ventless gas heaters in their house, and then pulling them out later due to the high humidity inside the house.Any gas-burning appliance will make water like this.  

If the Tenant leaves, the Occupant could trash the place or steal the appliances and you wouldn't have any way to prove who was responsible, leaving you to go after the Tenant while the Occupant gets away with it.What if your Tenant wants to get rid of the Occupant but the Occupant refuses to leave?

Get a good NCV (Non Contact Voltage) tester at Home Depot, wave it around all the appliances and see if the tester buzzes or lights up.Document everything you do and every communication in a journal and put the exact date and minute.