These were not specifically related to owning rental properties but the clients' assets (including any owned property) was better protected due to having umbrella coverage.  

He is currently a travel PT that makes $37k pre-taxed but after including all his stipends, his annual earnings are  closer to $95k-$97k.

Does that include utility service to the house, a driveway, septic and well? 

Not legal or tax advice, but I think every subject to purchase should include a wrap mortgage so that you create notes receivable income.

It's going to offer Strong economic growth, Appreciation (especially in DFW), Tax advantages (no state income tax), and a Growing population, including infrastructure and amenities. 

Account for all costs, including closing fees, holding costs, and repairs.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If they were looking out for my best interest and knew that they tenant was moving out, they could have taken that opportunity to show me the unit.I had been told that Ready REI’s "contractors" had gone through the duplex including the occupied unit and deemed it move in ready, however the home had MANY issues, and the unit that the tenant moved out of was a complete dump that required a ton of work – much more work than Ready REI let on.

@Kevin Wood: Fixed Asset Management module is included in the QuickBooks Accountant version where you can calculate the depreciation.

Your friend should include as many details as possible concerning how they were pitched the investment in the prom note.