I also clearly outline the lease terms in a summary document.Best,Dana

@Robert Polyack I would suggest that you spend sometime browsing through the Bigger Pocket Podcast on their youtube channel and go through all the buy and hold strategy ones.Additionally, I suggest you look into reading "2 Years to a Million in Real Estate by Matthew Martinez" this book outline a lot of the things you should look for as a landlord/RE investor.

-Grant H.Photo showing small gap between dwellingsPhoto showing the "connector" inside this small gap between the dwellingsBlue outline: Townhomes/condo style dwellings.Orange outline: Completely separate single-family dwellingsRed outline: Two properties pictured in the first photo above

Having something in writing is always a good idea, especially outlining what is and isn't shared (e.g. common space, garage, outdoor space) with others.  

Any insight on things to outline in the lease to protect myself, & things to go over once tenant is selected?

She outlines the written contract with her PMs on one of the BP podcasts.It's something like this...take 25% of gross monthly rent and use that as an annual "vacancy bonus."

@Hubert Washington - I'll outline below a path you could use.

But what I'm about to tell you is more valuable than any MBA.Everything you have outlined comes down to one critical thing:Creating cash flow.This is the single most important (and also most misunderstood) concept.Consider your expenses.

They are outlined in Chapter 12 of the VA lenders handbook: http://www.benefits.va.gov/warms/pam26_7.aspThe appraiser will be looking at the home to determine if it meets the MPRs basically ensuring the home is safe, structurally sound and sanitary.

I'm not talking about a 30 page business plan but have good outlines of your deals, financials, and understand the market.