The PM should be an expert on state law, and they should have policies and procedures in place to handle these situations.

I've decided that finding "deals" in Arizona is unnecessary as there are other markets that one need not search high and low to find something that can produce a decent cash-on-cash return.

If you're running a large portfolio then you would have policies and procedures.

We have previously tracked all expenses manually in google sheets and produced financials statements manually, also in google sheets.  

I love their youtube channel as well that produces 2 or 3 videos a week. 

Quote from @Anthony Sigala: We are all aware of the 1% rule--the gross rent produced by a property must equal 1% of the of the property's acquisition cost.

The standard legal procedure, as far as I understand in NC is the landlord must make reasonable effort to re-rent the property (which I will), and any vacant time till new tenants are found must be paid by previous tenants.

For instance, what are the rules around security deposits, eviction procedures, or property maintenance?

Does anyone have any advice on a better strategy to earn interest with the cash flow being produced?

But for many people, it is one of a number of sources of deal flow, to add to MLS listings, wholesalers, direct owner outreach, auction, etc.Assuming you are specifically talking about sheriff auctions, just make sure you familiarize yourself with the general procedures for the auction.