If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

If you are just starting, I would think on a leveraged purchase, $200 a month in todays market, that is assuming the home is fully renovated and capex items are fairly new.

This campus hosts a large Magnolia home goods store, high end furniture store, cupcake bakery, coffee shop, gardening shop, live music concert venue, large grass area with toys and balls for kids to play with, an open plaza with eight food trucks, a small baseball field (that Babe Ruth once played on and families can now play on for fun), a restored historic chapel (the oldest chapel in Central Texas), and six boutique shops with men, women, and children's products.

Further, the court is empowered to do just about anything it wants or perceives as “fair”.  

As long as you treat things with a level of fairness it will work out. 

He's a major hard money lender in town and has a fairly simple process to get quick funding.

Don't wrongfully evict, avoid violating any fair housing laws, don't be a slumlord, screen tenants well, avoid security deposit disputes, be professional with your tenants and take care of your properties.

How do I not make this fair yet not complicated?

Quick cash on a flip is going to 1. give you more cash to play with vs HELOC interest rates 2. give you an opportunity to 1031 exchange into your next investment. 

It was fairly easy to setup and to add properties using the first guide as a template for subsequent guides.