Key learning is do all homework upfront before buying/building.

Either they are really bad at math or they are happy to live in your rental even with the late fees.I would evaluate your rent rate and verify you're at market.

My quick math shows ~$200/month cash flow BEFORE accounting for taxes, insurance, and any landlord utilities or miscellaneous charges.

I realize finding a realtor and doing my own homework is major key to all this but I just need a little bit more guidance as I rather not make any MAJOR mistakes .

I would do some research and see who they purchased and how they operated before.. chances are they were a good operation or homeriver would not have purchased them.But with all that said... do your homework...Look up www.NARPM.org and find many in your areaI would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.

Well, I hope it's not luck more like we've done our homework vetting the right people. 

any kind of marketing is so compliated that a broad question like that only indicates that you need to do some homework yourself first. 

My quick math shows you'll be ~$400/month underwater.

Doing the math the numbers will work.

If you included Reno and all other costs in purchase price then I see the math working.