Unless you want to organise renovations yourself (find plumbers, electricians, kitchen fitters, painters and decorators, etc.) then find a co. that does renovations, and get a quote. Or rather, get 3 quotes from companies with good ratings on trusted Traders or whatever it is. (You may well get a bit of a shock, however.)
Don't underestimate the time and faff for all the decisions to be made - from kitchen/bathroom fittings to paint colours, tiles, flooring, where to,put power points, how many.... Speaking from experience in this situation, I could go on...
Before embarking on anything, I would ask some local lettings agencies for opinions on your likely market - families with children? students? younger working sharers? etc., since this will help you decide on how to tailor it. Plenty of research on Rightmove/Zoopla rentals will also be useful.
FWIW we renovated a seriously manky 2 bed property to a standard we'd have been happy to live with ourselves, I.e. certainly not the cheapest old kitchen units or carpets, etc.
Maybe we've just been lucky, but in over 6 years at least one of the tenants (young professionals) has always stayed on, and the place has always been very well looked after, so I do think the extra care (and expense) has paid off.