Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

For example, you buy the place and the tenant could claim the Seller allowed them to paint the walls black or that their security deposit was twice what the Seller claimed.

I'm in the state of Florida and I have a one year lease with a tenant who has paid first month, last month, and security.

My mentor gave me a list of about 70 target houses in the area, which I have since door knocked and dropped off fliers.I figure the process of finding a ripe deal has a basic system.

The tougher part will be to secure your financing.

The clear upside is the incomes are very secure.

As I have yet to start that research and plan on starting the investment in the next few months, what are some of you best practices for automation and systems for screening and payments of tenants as well as managing once rented.

Thanks to BP member Johann Jells, I just came across the Saniflo system http://www.saniflo.com/  Does anyone on here have experience installing/using these? 

There are lawyers making a living solely on security deposit lawsuits.  

I believe Moncton is your safest bet for a secure investment.