With that in mind, I’ve decided to focus first on finding a distressed SFH that I can add value to, live in for a few years, and keep as part of my long-term portfolio.I like your suggestion about building the “core 4” team—agent, lender, contractor, and property manager—and will definitely prioritize that as I move forward.

For this type of a question I would suggest posting it in the multi-family forum. 

I would suggest having an attorney at a minimum review any lease you create. 

I would suggest you take a few months and watch the market before jumping in because the market has adjusted the pricing because it's hot. 

I also suggest a drive-by so they are not unpleasantly surprised by the neighborhood when they to the showing, and just keep on driving by anonymously as I wait outside.

First of all, I suggest you search the forums as arbitrage has been discussed ad nauseam.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

I'd suggest taking a free course like that provided by Pete Reese at Land Conquest to get your feet wet and take some action. 

If you haven't already connected with an investor-friendly lender yet I'd highly suggest that.

If Tampa is on your radar, I HIGHLY suggest you connect with him.