But we took our Risk-tolerance meter down several notches.  

Then don't notch or drill holes through the beam(s) to run electrical etc, yep a fellow investor had to pull it down after the inspection.We took out 2 walls ran the doubled up 13ft lvl beams, installed several new 2x6 jack studs each end, reinforced below the flooring into 8 inch sonar tubing buried in the basement flooring because the old basement floor was inadequate support per the bldg inspector.Took us a couple of days & the LVL beams cut to length were $80 each.This was the 1950's beam we took out from one 8 ft length of a load bearing wall ... never cracked or sagged, so I guess the plaster was strong enough !!!

We've had some other problems with their tenancy and the lying to me about her ability to pay May's rent was another notch in the "bad" column.

If everything is top notch, you might find a buyer at a 12% yield or about 33,800, usually seller financed notes aren't, 18-24% yield, unknown and sloppy, 50% of the UBP.

The resources that are available to you on BP is truly priceless and the individuals you will connect with are top-notch. 

But I'm concerned as the folks that live on my street don't really keep things top notch, the houses are clearly getting older not refurbished and the HOA is rather lenient.

Nothing is more important than making sure you have top notch property management in place.  

Would your advice change if you knew you'd be working with a top notch trusted contractor?

I made the first steps: got prequalified, have a top notch real estate agent working with me, and have two people I use as mentors -- one who is currently investing (holds 17 units in 11 buildings), and the other who is a long time landlord of multiple properties near the university here in Tucson.So, for what it's worth, that's how I'm starting.  

Looking for top notch inspectors and contractors for fixer-upper properties. oleae give me some direction on how to find good workers.