Select a larger area that is at least 30 minutes in each direction. with maybe a hand full of exceptions I am pretty sure you would be hard pressed to find a mix that represents the demographic cross section of this country and therefor a wide range of neighborhoods.

For example, each of my properties has a main account and the sub-accounts under that for CapEx and security deposits.

Security deposits require separate handling - they should be placed in an interest-bearing account.3.

There’s definitely a lot of opportunity there, and I'm sure you'll find it both rewarding and challenging.A key part of successful fix and flip projects is securing the right funding.

The other issue I find when people draft their own is that if you have a problem and then need an attorney to work with you, it will be much more costly as they now have to learn your contract, vs the one they are familiar with and that is used widely in your area. 

Some arbitrage operators also try to get multi-year lease terms, security deposits waived, free rent up front, and the like.

It has worked so far, but there are few things about it that we've had issues with (security deposits, rent receipts, etc.).

So now you’ve gotten a wide variety of PERSONAL opinions, all based on the individual bias of the posters and their past relationship, feelings, fears, and experiences with THEIR debts.  

@Dan Dares TMIf the "investing partners" are going to be passive, you need an SEC attorney since you are now creating a security.

You should use a state-specific lease that is clear regarding the start and end dates, the monthly rent, the fees that will be charged (ex. pets) and those that may be charged (ex late fee), the amount of the security deposit, and a clear list of rules associated with the property (no smoking inside is a big one as are rules related to parking).