I see this all the time in leases where the initial late fee is $50 and then you have $10 a day after that. 

Initially we did a light renovation on the rental unit and a larger renovation on the 1st floor.

If the remaining tenant stops paying in full, would I initiate the eviction process for both tenants?

Owning locally has helped me accumulate considerable equity with a relatively low initial investment.

I work with a lot of househackers and they're typically on the 12 month cycle, rinse and repeat.While the proposition of acquiring an investment property outside of your market in a "landlord friendly" state may sound appealing, i would recommend you stay local for now and househack another couple of properties over the next few years until you've got some more time / experience under your belt.you would need a management company to cover your property that is outside of your market which would not only take 8-10% of your gross it would also leave you a bit vulnerable to a property management company that you A.)know nothing about and B.)you won't have the experience or cashflow or proximity to deal with any headaches that may arise.i would recommend staying local and househacking your way along for now and then maybe hire a local property management company initially to work with your current/local properties to get a taste of what to expect if and when you begin investing outside of your market.

@Ryan Fox some great info here, but while you are correct that a service member assuming a VA loan restores eligibility to the initial veteran, making the deal more attractive, it is not strictly true that a veteran can only have one VA loan.

I have individual spreadsheets for each property that I used in my initial analysis for purchasing the asset of course, but I'd love to see everything all together now with real-time numbers.Where can I find something like this?

The best time to request a background check is after you’ve done an initial screening but before committing to a lease.

My initial plan had been to do something like Rent-to-Retirement or REI Nation- assuming that I'd be leaving money on the table to pay for their expertise, but hoping that I would learn through the process and develop the confidence to strike out on my own later. 

It's not clear in your post how heavy of a lift these entitlements are but assuming value is being created before a shovel enters the ground the initial LP investors will want to be compensated and share in the upside that's been created.