It's a fabulous small town in Southern MN just off Interstate 90. 

So yes, you can have solid concrete walls, it's still going to burn down.I have read that worst case up to 80 million Americans will relocate in the next three decades.

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

*Have a USP right of the bat to convert leads*Have a huge/constant flow of leads from investors, sellers, partners, etc.If I was doing it for houses, I'd do the same thing, just work on the leads.

I would just cap it generously to only catch abusers and figure the normal running costs in your rent. 

After listening to hours of the different BP podcasts, I decided to just go ahead and join so I can have more community for guidance and learning and moving towards my first deal.

Heightened regulation is going to be a nationwide trend over the next few years.  

As explained in this article, seller financing works best if you understand the needs of the seller.https://www.biggerpockets.com/blog/seller-financingReally dig into this topic and ensure you understand it and are prepared to use it.

Having the tenant be responsible for something like the first $1000 of each maintenance issue, or $500 can be a big help.

Here's an old article I posted a few years back - Key is good communication.