If the terms of the modification materially affect the terms outlined on the Deed of Trust your attorney/title company might suggest also recording the Modification. 

I've renovated properties that looked like this with the smoke stains outlining where everything hanging on the wall was.

It is clearly outline if there is a deposit and how much it is, and the tenant signs off on it. 

I BELIEVE this language is benefiting both the LL and Tenant because it's more clearly outlining expectations. 

Either way, after 8 years of working together, he still needed oversight on each project, and still turned bad on me.Even for a simple project, and with everything outlined, things will come up or be missed that need to be caught quickly.

Two years or two tax returns stems from the period outlined in the safe harbor or rev proc 2008-16 and referred to in a couple case rulings as two years, two calendar years, and two tax years (appropriate times not recommended or required times). 

Outline where you want to be in five years.

You have outlined simple steps for young individuals to set themselves up for their first purchase of an investment property. 

I have a lender that I work with who's an investor herself and incredible at creating strategies to move forward on your next purchases (she helped us devise our strategy outlined above).

They will point you to the specific statute that outlines what you can and cannot do and at what scale.