I would recommend end game being a MFR buy and hold for both.

What most, in my opinion, fail to realize is that as a property owner, you are providing a service to a customer, and as such, must be in a customer service oriented mindset.

That was going to be  my game plan...let the expectations be known and treat him like any other tenant both when screening and if they end up agreeing/signing a lease.

Again, other investors may set different goals... for instance, someone who has been in the game a while and gotten really good at finding amazing deals and managing their portfolio super efficiently might not accept lower than a 15 to 20% CoC Return.When it comes to some of the "rules of thumb" like the 1% rule and the 50% expense rule, these are really more quick analysis tricks to help you understand whether a property is worth looking into further... not final criteria for whether or not you should buy.

I customized it and just made changes as we went. 

Don't get me wrong, it gets you in the game, but this would be a lot of money tied up until you refinance and even so, it's not a very good ROI. 

I think of it like  trading paper stocks game. 

Maybe laziness is a poor choice of words, the industry is more of a marketing game than a true service business.

A lot of paperwork for me to, but customer service and all their fees were pretty reasonable.

Worry about this process a little later in the game.