The insitutional investors create an entire portfolio allocation; translated for the readers here: an allocation for all of your investable assets.  

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Be conservative and don't rely on young adults to pay their rent.

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Since this approach relies primarily on true documentation rather than estimates, it is typically the most accurate.

Over the years I have found that relying on the integrity of a tenant is often a costly error on my part.

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His comment was to get a better process and do not rely on others.

There is also a lot creativity involved in this stuff as well and that is not something you can rely on someone else to teach you.

Others rely on networking... hooking up with probate or divorce attorneys who sometimes have leads on properties that aren’t widely marketed.If you decide to hire a property manager in the Jasper area, maybe chat with a few owners who’ve used them.