This sort of thing is market specific.

@Aishan Gonaduwage what specifically have you read, and how OLD was it, about Detroit being on the decline?

Proportional leverage (like 27% LTV) isn’t specifically required, but if you don’t reinvest the full amount or fail to replace debt, the difference will be taxed as boot.

@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

Do you have something that speaks to the specific cleaning necessary at the duration of the lease? 

Did the contract you signed have any specific timelines on it at all regarding how fast we can get to you?

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

Would you share 3 specific things I should do during my "training period" (if it includes a book, which one)?

Just trying to gauge whether your bookkeeper is overcharging, especially if you are splitting duties.I would be careful with real estate-specific software.

On the specifics of this 700 a month program.. its small money and if you get inspiration from it then by all means.. but so many ( not saying you of course) will go into credit card debt for this stuff.. that's no beuno ..