My advice would be, if you truly want to learn the business, lease it up, refinance, pull some money out, and go on to the next one.

And given #3 above, it leaves about 20% of rent for all other expenses like property tax, insurance and other PM expenses like leasing fee, eviction fee and other minor expenses like for e.g landscaping, pest control etc.

For example, what would the cash flow be like after you renovate and lease out at the new rates?

It can also create a lease for y'all to use.

As per the HSTPA, any changes to a tenant's lease whom have been in place for over 2 years requires a minimum of 90 days notice, regardless of what the lease (or lack thereof) says.  

There's also disclosures in there that have to be included in your lease paperwork.

You'll end up in court with a lease agreement that says rent is $1, and the recommended tip is $1,999.

Tenant stopped paying rent before 2 months of the lease expiring, property manager filed for eviction process but tenant vacated the property before sheriff served the notice.

If you make it clear upfront, it is between you and the tenant and goes in the lease. 

You can use it for rent collection, leases, tenant vetting, the list goes on.