my feedback on the list above.
#1. Although someone else pays back principal, you need to assess the upside trend. The housing appreciation won't go back to the era of 2005-2007 any more. It's going be slow steady growth.
#2. It doesn't matter how well you maintain the property in the past, the next tenants may potentially tear it up easily. In addition, you are renting this high end property with average rent price and much higher cost base.
#3. no free lunch. if you want to make more profit, you need to make this effort which may not be more than what you spent on this house with your time and $60k.
#4. lessons learnt. never go after fast booming market.
