Know the market, focus and be ready to strike. 

That is one reason we don't us LLC to hold multiple properties--one strike against the LLC and they ALL can be 'out'.

Striking that balance between strategic and action-oriented behavior is a challenge.To the more strategic end, are there any comprehensive checklists for getting a complete REI operation rolling, particularly using the BRRRR strategy? 

I'd just strike up conversations with any local real estate you find, or anyone you know who rent out an apartment or two.

It doesn't necessarily strike down all HOA rules, but a good precedent to stand on. 

Other people will have a short lease and then a ton of addendums attached for pets, no smoking, late payment penalties, 3 strike policy, parking policy, and so on.

That strikes me as odd since most angel investors I know about shoot for 250% on their money .

Just imagine telling HD that you have a three day window to lay new carpet starting in two days; they aren't that flexible.We replace carpet with almost every tenant, and tenants don't generally stay more than a year before disaster strikes them, so we get the low income landlord special, the cheapest they have.

But, if I were to come across a stellar deal, I'd strike!

I assume if lightning strikes the day after I take over the property, the only person that will receive the claim proceeds will be the lienholder and then I'm left with a hole in my pocket.