And cash flow is only one component of making money in real estate.

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And the investment is pretty modest - Buildium, for example, is less than $50/mo for 20 units or less.See https://support.buildium.com/hc/en-us/articles/200690198-How-do-I-track-tasks-and-maintenance-in-Buildium- for an overview of their maintenance tracking component (referred to as "Tasks").

I think it's best to start with a legal lease and then and management components as you learn the business and see what works for you and what your style is.

I generally like to walk with the inspector after he is done with inspection, that way you get a good feel of the house and you understand what he is telling you better (I am not a pro so that works for me), You will feel much more comfortable once you understand the structure and components of that particular house.Familiarity with the numbers of what it would cost if things go wrong in terms of renting and familiarity with the condition of the house for the case if things go wrong with the house itself will give you more clarity of what you are stepping into and I don't think you will be worried after that, you will realize if either the deal will work for you or not.Good Luck!

Also, another key component of a successful JV is you have the same goals and value system.

Forced appreciation is generally highly correlated with active management, some time component that resembles a job, or both.  

Some of my other rentals are newer homes, circa 2003-2005 with decent major components (roof, furnance, etc) and have not come close to needing the 50% rule to make solid cash flow, Yet.

What are the key components that are essential to learning a market that one is interested in doing fix and flips in?

And if you wish to have a checkbook control that truly self-directed Solo 401k offers you can add an LLC component to the IRA to gain checkbook control.