Is this LTV based on ARV or the purchase price? 

3.5% down is offered through a FHA lender.

Most PM software allows late fees to be charged.Ours allows us to absorb the cost of tenants paying electronically thru the software - it usually wants to charge tenants, but we want them to pay electronically.We manually charge tenants a Processing Fee for mailing in their rent, a slightly lower Processing Fee for depositing to our bank.Your success will depend on the Class of your tenants.

I would only underwrite based on actual rents not proforma.

They are sure to move on at the end of their lease term. 

On one hand I don’t want to fall victim to overpriced contracts squeezing a naive owner.

You will meet a lot of great people here that will help you on your journey. 

So, here are the basics based on my market, which is AZ.  

-Signing lease agreements via portalI am working on  automating and hiring a VA to handle all advertising, applications, and lease agreements.Allowing my onsite managers to focus more on the day to dayI looked into Rentalutions but I'm cheap!!  

Total bs and obvious on its face.