For me, appreciation would be a nice inadvertent bonus, but I care far more about cash flow and am prioritizing that. 

@Matt Higgins there's little safety in being an entrepreneur.

Structural Integrity and Safety: Assess the structural integrity of the house before starting the renovation.

It is very common to educate the tenant up front that they are accepting the property "as is" and the Landlord/PM will only repair issues regarding safety, health, or the function of the rental.

Many of those are less concerned with initial cash flow and place a lot more value on safety then 2nd total returns.

What are thoughts on creating a safety net before property one and then two? 

This involves leveraging a 3.5% down FHA loan to secure a property, allowing you to rent out a portion of the space while living in another.Rather than fixating on interest rates, prioritize securing a good deal on a property.

It makes a notable sell point for updated wiring, and if you are holding onto it, it would benefit you for fire safety. 

@Adrian Smude are you interested in Clearwater Dunedin Safety Harbor and what are your thoughts? 

But once I was onsite with my crew, and subs, and tools going, and safety fencing/porta potties going up, etc.....the customer had better pony up some money.