Just looking for some suggestions for the beginner, I've got that flying blind/ just took the first leap out the nest feel.

The neighbors were incredibly thankful we bought the house and told me stories of regular police raids and zombie like people meandering around late at night.The roof had been done 9mo prior by what i can only guess were blind teenagers without thumbs...it was terrible.

I've heard it called the blinding flash of the obvious as well.Your note rate are all irrelevant to yield, return on investment, manager's rate of return or internal rates of return to an investor of a discounted mortgage.Mortgages are unlike bond calculations, digging deeper, as interest is received monthly unlike bonds paying quarterly, semi-annually and annually.

Just some thoughts in general and not directed at you, OP...instead of blindly shooting off random/poorly priced properties to a guru inspired "buyers list", why not build a buyers list through talking with people to determine a) if they really are a "buyer" and b) work together to find them properties in areas they like to buy?  

There are so many options out there so many paths, and really although things get in ones way, one manages their own risk, and if they're smart about it, don't just jump in blind, then that risk can be greatly minimized.Currently I'm reading a book called Incorporate Yourself to get familiar with the basic business aspects, and different options out there for my property business, or businesses that I will start.

Proper, and thorough due diligence is one of THE most important parts of REI--yet, it's something that many people don't do, or they blindly trust that others will do it for them--which is often a recipe for disaster.

I take pictures of every wall, ceiling, floor, window inside/out, blinds/curtains open and closed, window screens, front/back/side of doors, appliances inside/out, etc.

One time expenses would include things like furniture, pots & pans, silverware, coffeemaker, blinds, bedding, TV, internet modem, electronic door locks, vaccuum, other cleaning tools, accents & pictures. 

You cannot go blindly into doing a rental arbitrage without knowing the restrictions.   

I fixed it up super nice: all new flooring, 2 inch blinds, sinks, lights, fans, paint, mirrors, toilets, ss appliances, new roof on the back porch.