This unit is deleaded and in fairly good shape, beyond some external cosmetics, but We still need to do more due diligence on the property with a more thorough inspection.

The HOA covers building insurance and external property maintenance.  

It is the tendency among [real estate] investors to attribute any success to their own brilliance and any failure to external factors beyond their control.  

Once you have hand picked potential tenants, they can log into the site and pay $35 for credit and background check (extra 10 will include the eviction check).

Hey BP,I am posting this question in the hopes of being directed to some external websites or other forum posts that I can sift through to better understand not only what the Arizona landlord/tenant bylaws are, but also what differentiates Arizona from other states. 

I'm not sure on all the specifics of an FHA, but you are right, you may not qualify without any external income.

I am estimating 1000 sq ft of external siding.  

It's an operating business.  1031 doesn't apply to inventory or property held for sale.For specific advice you should on-board a tax professional who can advise you as an external member of your team.

They get backed up regularly to an external hard drive.Whether you use spreadsheets or property management software on your PC, always back up the files. 

I liked the idea of starting out with a Townhouse, because it had a reasonable HOA fee; but I knew the HOA covered common area and external maintenance items like the roof, siding and parking lot.