I am going to sign up For one just to observe and learn.

I house hacked my first investment property in the city and am very happy with how the property turned out!

Do I have them all start signing a new lease or just do an addendum ?

The prototypical lead I'm talking about is a nice single family house that could immediately be turned into a rental without doing anything more than paint/carpet in most cases.  

After all expenses including mortgage, insurance, water, property management, cap ex, turn over, everything, I'm making $2,000/month which is 15-16% cash on cash return.

It is a 4bed/2bath and said that it could be turned into a duplex if I wanted to.

Most are just blowing off steam and will not bother.If the tenant owes less than $2,000, I would just turn it over to a collections agency and not pursue taking them to court.

1.Focus on a market or sub-market depending on size or ability to cover market2.Know as much as you can about the market, inventory in the market & build relationships with the owners/brokers of properties between 10-100 units.3.Clearly articulate your business plan and investment criteria to owners/brokersBuilding relationships and understanding the inventory in market will turn over the deals you are looking for.

When we get in, the hole in the roof ruined all the ceilings and its so far gone we can't fix & flip and make any profits, as we won't make any money putting $50k into it, so we are doing a rental rehab, keeping pink tile and green toilet, putting in a renter, and will sell it as a loaded rental after that to an investor as a turn-key property. 

I actually offered on one which I thought was a good deal but after the inspection it turned out to be way too much for me to fix for my first deal.Many of the multifamily houses I am finding are going around 350-450k.