I'm in Atlanta, GA which gives me fewer options with that budget unless I go with condos with HOA's that allow rentals, or venture out to towns outside of Atlanta like Macon, GA, Athens, Lagrange etc...

Circumstances have changed my life path, and I plan to succeed in this new venture.

Having raised a lot of people's rents over the years just be prepared for them to retaliate with a bunch of service requests that could eliminate any profit

Hello,I am getting all my property management documents and software in order before I buy my first rental property so that when I buy it will be a smooth transition, Beside the lease and application, what other documents should I have in my files so that i am prepared (pet agreement, inspection checklist etc.) .

Spend time analyzing your market and be very confident in your numbers before committing to starting this new venture. 

Short Story: Started LLC with a partner(family member) with the intent to begin our joint real estate venture.

Who can prepare these documents?

I'm currently a novice trying to break into the real estate industry in any form or fashion, and I'm willing to collaborate on joint ventures. 

If you have one - you need to let the property manager handle it or be prepared to spend a lot of time on nuisance calls -  ants, toilets, etc.  

I would venture to say that 95% of properties listed today on the market will not cash-flow at a 7-8% investment interest rate once you factor in principle, interest, taxes, insurance, and a maintenance / capex reserve.