Probably naive on my part from listening to sales person, but I explained that I was pressed for time on my day job, and he told me Flipsystem only requires 3-5 hours a week tops.

But they typically abscond with the rest, squandering it on personal expenses or high-flying life styles.COMMENT: This is common for any type of fraud.They may also use some of the proceeds to support an elaborate "Ponzi" scheme in which money coming in from the sale of new notes pays the interest on older notes.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

I hold fast to the 3x rule only because my requirements (3x income, no evictions, no felonies) is on my listing. 

Qualifying on rents covering expenses versus your income is a nice feature!

You may have a grasp on this aspect, but there are items to consider that can play a big factor when choosing your land such as topography, existing zoning & platted lot status, minimum/maximum requirements such as parking, detention, size of building, setbacks.  

They are much easier to deal with and there are no hurdles or lender requirements to meet other than paying the note on time every month. 

Self-employment tax will be required on the net gain, which will of course be 0 after property expenses and depreciation.

Apparently all that is required is pouring the foundation, assembly, and connecting to local utilities.

Finally, do you know if there are any legal requirements for how landlords need to store tenants' SSNs?