A main thing that everyone should always do during their inspection period on a property is connect with at least 2-3 different property managers so they can get a better rent range/run numbers more other than listening to an agent that might not be as conservative in their numbers on projected rents. 

If rent isn't paid following a 5 day grace period we post a late fee, followed by serving an Immediate Notice To Quit For Non-Payment, and then contacting our attorney to begin the eviction process.

We also see the long term potential of rental properties and what they could mean for both of our growing families.That said, I am doing a lot of research right now into the best ways to structure the legal entities so as to get us involved and for tax efficiency purposes. 

We tag them w/ a notice that says they'll be towed if tires aren't inflated or if they've sat for long periods of time w/o movement, invalid tags etc. 3.

Having  more flexible cancellation policies, having good reviews, offering discounts, updating listings periodically, not cancelling on people, etc

And being a beast of focus, attacking that 1-thing, will assure your maximum efficiency. 

There are seasoning periods which means you have to wait if you want more cash out if the property because of property improvements, time passed or a combination of the two factors.

HELOC is best for short term money, because the interest rates are adjustable, while the second mortgage is a fixed rate for a period of time.  

I'd like a systematic way, that's more efficient than my current excel sheet, to ensure I'm following up weekly with the same people while keeping notes etc.

They also require less time compared to owning a rental outright.The reasons that I don't like REIT's as you mentioned in your post is that they are not efficient from a tax standpoint.From my understanding, REITS pay ordinary dividends and not qualified dividends.