Follow this six-step procedure to account for the property’s rental income and all the expenses.Step 1: Report 100% of rental income on Schedule E of Form 1040.Step 2: Deduct 100% of any direct rental expenses (such as rental agency fees and advertising) on Schedule E.Step 3: Allocate mortgage interest and property taxes between rental and personal use.

It's important to know your lease inside/out and then have policies and procedures that match.

(a) During an appeal of an eviction case for nonpayment of rent, the justice court on request shall immediately issue a writ of possession, without hearing if: (1)A tenant fails to pay the initial rent deposit into the justice court registry within five days of the date the tenant filed a pauper’s affidavit as required by Rule 749b(1), Texas Rules of Civil Procedure, and Section 24.0053; (2)The justice court has provided the written notice required by Section 24.0053(a-1); and (3)The justice court has not yet forwarded the transcript and original papers to the county court as provided by Subsection (a-2).

All leases must include provisions for the Tenant obeying the Declaration, Bylaws and Rules & Regulations of the community, including the payment of any fines for rule violations, written legal termination procedure, penalties for late rent payment, method and location of rent payment, security deposit return and deduction procedure, with a written acknowledgment by the Tenant that he has received and accepts all of the conditions. 15.

Banks have policies and procedures and I would pretty much guarantee their policy is "Do not let offers without proof of funds past the gate".

If the real estate commission has a fine and procedure in place then they can enforce those laws.  

The registration is more procedural.

The reason I bring this up is it seems that you don't have this, and it's important that you have a written procedure that you follow every time.

(When you're good at something keep at it I guess)Sure I could buy in a $70 or $150k neighborhood but I'm very comfortable (and successful) at the $30-50k game.Agreed, I'd never invest without the team in place, knowing the market, and knowing the local regs and procedures. 

I am also a licensed massage therapist and love what I do so would like to still have my hands (pun intended) in that as well.