Im not sure of the legal contracts or anything that I need to have drawn up and I would hate to get off into this business and go negative in legal fees because I was to hasty and ill prepared on making the right decision but at the same time I don't want to pass up on the money opportunity to get myself and my business going.

Is there a minimum monthly income, like an actual figure, that I can aim for, to be better prepared next time?

I'm willing to put in the TLC and I understand that home purchases may be slow during the winter, which is coming, so I'm prepared for a good few months of holding costs.So, thoughts?

But as the saying goes, "hope for the best, prepare for the worst."

Preparation is key; break the above rules at your own financial peril.  

You want to be prepared for this, when he/she walks in you want them to get an impression that the place is in good shape and that you have addressed all items. 

Same question for the heating system, is it best to just include in the lease that the bill will be equally split among tenants (i.e. 1st unit has 2 tenants, 2nd unit has 1 so bill will be split 3 ways).Of course this would come with a drop in rent (if necessary) but want to be prepared come May 2020 when both leases are up to avoid vacancy and increase cash flow.Thank you in advance!

Don't worry, they will get you next year, prepare your wallet. 

When I'm preparing a market analysis or BPO I have two buckets of properties, As Is and As Repaired. 

My friends just put an offer yesterday for $1.045m on a high growth area .Also, be prepared to be negative cash flow