I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.Details: -I have set aside $350k of expendable cash, and I'd like to leverage this. 

On paper I think my situation looks good but I wanted to see what this community thought.

Some lenders hold there paper, some sell it, some do both.

Should I have them sign some kind of paper work or documents outlining the terms?

People nowadays forget the power of a paper trail....a real paper trail, not apps/emails/texts and all that crap> If you ever end up in court (small claims etc) a Judge will love a real paper trail, they don't want to be waiting while you try and find something on your phone, y'know?

If I get multiple apps I will start with the ones that appear to be the best qualified on paper (based on income, length of lease desired, past rental and employment history) and I'll run those first.  

It sounds great on paper, but is a big hassle to get it done.

If you want to cash flow more "on paper", invest in the hood.

All monetary accounts had POD or beneficiaries listed (my sister and myself)  We did not want our parents'names to be tarnished by not paying the yearly taxes and their names published in the local paper as not having done so. 

If you do decide to invest in a riskier area, don't expect to get the same returns you had on paper.