Yes, Im thinking about using them for a flip as well and would like to know if anyone has used them and what were their experience.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

What's the best way to navigate this situation regarding the application process as well as the lease administration?

However, most of these properties still cash flow well (or enough to cover PITI). 

Three and four units properties tend to be slightly more investor facing, but there are still a lot of regular buyers that pick up three and four units as well.

I am hoping to learn more about how investors analyze their deals and make decisions, as well as looking to better understand general real estate investing.

Well there is somethings right here and some are off mark IMHO.

Well, you can get them to sign a "Permission to Show" that will have the price they are willing to sell, and what your "wholesale" fee would be.

Everything went really well except for the fact that they sold the loan to a hedge fund before closing and the hedge fund's fees were added to the loanguys fees and it all added up quite a bit so I changed my mind at the closing table and used a private lender that is friends with the closing attorney. 

I will also strongly encourage accessibility for pets as well.