Updates for a new rental, do or don't do?

[Lisa Lincoln]

I will soon close on my first month to month rental. I usually do vacation rentals. 

What should I or should I not do for the month to month rental? 

For the vacation rentals, I usually put in higher quality upgrades, wood floors, tile bathrooms, crown molding, treated ceilings and quality blinds. 

I plan to down ground the materials for the new property. It needs some upgrades, specifically the kitchen and the wood paneling walls. The place has a very 1970's feel except the newer flooring. I'm not that excited about the floor but will keep it until worn/used.

Any tips for things I should consider?