For considering deals, your buyers are going to want to know stuff like repairs that need to be made, condition of major things such as roof/HVAC/plumbing, property ARV (After Repair Value), a few comparable properties for the ARV you came up with, and plenty of quality pictures of the property.

The way to determine rent is to compare your property to comparable properties and the rent those command. 

Getting your first rehab project will require you to create a SOW, talk to contractors, compare and review bid proposals, review budgets, & make countless trips to Home Depot.​You will inevitably make mistakes and underestimate things, but you will learn 90% of what you know by just doing your first rehab!

Any pros and cons of doing this comparing to residential renting? 

However, I'm not really comparing LP vs GP. 

You checked the size with her, it is a comparable unit (dimensions are different, but the wider one had ice maker which took up space) and she was fine with it.

A majority of apartment rental communities are also at 99% capacity, their highest records compared to 1 year ago. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

My question is can I use my own standard lease form modified to reflect the major elements of the existing lease (assuming that the tenant is in agreement) or would I be better advised to keep the exact wording of the existing lease and just change the relevant names and dates?

I see buying this type of real estate beneficial; perhaps more beneficial compared to SFHs because of the multiple streams of income I can potentially gather off of the one property.