I am learning a lot from BP on how to set up a property management system to begin learning the proper way to structure a rental property portfolio. 

or is there a more proper approach you would recommend?

Neighborhoods like Morningside, East English Village, and Bagley are great examples of areas where properties have appreciated, and there are still a lot of up-and-coming pockets where there’s growth potential.Detroit isn't perfect, of course, and it has its challenges, but I've found it to be a great market to build a rental portfolio that balances cash flow with appreciation.

It’s a balancing act, and sometimes the numbers don’t always make sense.

In this approach, the taxpayer calculated that the cost to construct a new building (say, $300 per square foot at 2,000 square feet, totaling $600,000) should be allocated to building and the remaining balance of the acquisition should be allocated to land.Rule of thumb method: Some taxpayers use a predetermined percentage (such as 80/20 percent, 70/30 percent, etc.) for improvements and land.

A six-month supply is typically considered a balanced market.

Equity is great on paper, but it may not mean much when the first position balance has grown exponentially due to accrued late fees and penalties and the property is selling for maybe 70 cents on the dollar at auction. 

If  you are in the 20% range, you are better off going to the casino and putting all of your money on black and seeing what happnes.Since you are out of the area properly calculating cash on cash returns can be difficult because you have variable expenses to calculate. 

The property is 20 mins from San Diego proper and 30 from the beach.

There are two distinctly different collection strategies you can pursue:1) Collections Company: there are several that ALL they do is pester the debtor for payment with calls, texts, emails, letters, etc.2) Collections Attorneys: they will get a money judgment for balance owed and then pursue garnishment as necessary - including garnishing any state tax refund (if the state allows).Both will take a percentage of what they collect.