Include an exit strategy, tax planning, and insurance to protect both parties.

I don't think the insurance is very expensive.  

Good insurance, particularly with an umbrella liability policy provides very adequate protection on smaller assets. 

what is damage protection insurance? 

Without running any specific numbers yet, and ignoring my 200k loan repayments for now, if I my rent income minus property taxes, insurance etc and everything else related to the expenses of the property (again, ignore the 200k loan repayments) comes out to anything beyond 12000 annually in the first year I'll probably be relatively satisfied with that outcome. 

Hopefully you have the correct insurance in place etc.Hope this helps

Select accounting and bookkeeping firms have access to software like Quickbooks Online at a discount, and a few of them even pass those discounts along directly to the customer! 

If I were you, I’d consider chatting with a property management firm active in that area...SlateHouse Group’s name comes up in local investor circles now and then...just to get a sense of what rents are really doing on the ground.

I've only ever purchased homes as primaries, one being rented out currently to an insurance company and the other is my current primary.

All require the "lender" to be licensed in the state, for borrower to have no mortgage lates or hiccups, have different rules and change the rules whenever their investors (not government MBS these are big guns investment firms with pulse of the location where your property sits) see clouds in the sky.