Go to a community college and take classes in accounting, finance, and real estate, math, and work towards a degree.

The increases are not strictly about creating more profit for a Landlord, but rather more often than not, they are necessary to keep a property in good condition (including good financial condition), meet safety standards, and ensure a comfortable living environment. 

@Aaron Kohanbash start with this;)Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Remember, C/D located properties generally appraise once improved for significantly more than they will actually sell in an arms length transaction so you can go to many C/D neighborhoods, successfully complete the BRRRR method but deal with  all of the operational difficulties of the asset class and then fail to achieve a sale figure remotely close to the favorable appraisal  that allowed for the proceeds to be returned through the refinance. 

Not my speculation Following your logic, it actually doesn't matter what the rent amount is, all that matters is what the tenant pays and for how long.Class C properties do NOT perform like Class A or even Class B properties.

Next meeting and CE class is October 17th in Chandler, let me know if you're interested and I'll send you more info.

In a rising rate environment, your costs could increase.

@Sinuway MartinezRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Smokers are not considered a "protected class" (ie: race/gender/age/etc).The lease the tenant signed prior to us acquiring the property says nothing about smoking either way.  

Class c property.