Newbie Renting out for the first time

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Hey gals and guys,

I'm a newbie investor. I'm looking to rent my current townhouse up and just wanted some input as far as how much work I should put into the place before I rent it out. It is currently 1550 sq ft and a 2 bedroom, 2.5 bath. I was considering ripping out the carpet (has some tough stains), installing new vinyl wood floors, repainting the walls, do a thorough deep cleaning, and converting the loft room back into a bedroom (putting up the top half of the wall and putting a door in), and then finally rent out the townhouse.

Questions are: Am I going overboard as far as getting this prepared for rental a property? Is there anything else I should consider? Are there any money saving advice that you can provide for me?

Any additional information would be helpful, this is my primary residence and first property.

-Kbin