Some of the materials we choose and asked him to pick up (such as flooring) he replaced with low quality materials, I assume to keep more of our money for himself. 

If you are looking at a 30 yr fixed DSCR, high 8s-10s depending on LTV, PPP, and Unit Count Rates highly depend on the type of loan and your qualifications.

You’ll learn the ropes on how to be a landlord with a lower risk/higher quality tenant-base. 

That is often a matter of opinion and will depend on the attitude of your municipality.Most municipalities do not require neighborhood approval, but will offer the public opportunities to provide input which will be considered.

Quote from @Jimmy Rojas: I live in Arizona and homes here are sky high, youd be lucky to get %6 interest rate, I would be a 1st time home buyer, apart from being 1099 employed would Trumps real estate plans benefit the little guys like me? 

Applicant credit scores should be treated with a high level of care and should not be handed out when they aren't assured that you are locking them up and taking due care with private and sensitive data.So, many places, including the screening company we used for years before moving to a PM, provide a suitability score rather than the actual credit score. 

I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

and you will have many many applicants assuming the quality of the rental and the rents requested.  

If you’re below $275K, focus on high-impact upgrades like improving curb appeal (landscaping, fresh paint), refreshing the kitchen and bathrooms (new hardware, lighting), or adding energy-efficient features (smart thermostats, LED lighting).