The property now cash flows nicely and I plan on repeating the same procedure with another home. 

They should be experts in the law and have policies and procedures in place to deal with problems.

The signage also provides a phone number for neighbors to inform on bad behavior or other issues that might arise, providing you an additional pair of eyes.Develop excellent and consistent systems/procedures for handling the routine stuff.

I think I would pay more on recapture than it would save on current tax savings.I understand about allowed and allowable depreciation, but I think you can use form 3115 (IRS Revenue Procedure 2004-11) at the time of sale and basically not have to pay any recaptured depreciation tax if you never claimed any depreciation.Hopefully some of you are familiar with this and can explain it to a layman.Oh...

There is a simple procedure to question the evaluation and some have even been set by court cases when the assessor did not do as required by law and apply the FMV to the home.I have even had to go the other route and force the assessor to re-evaluate my home much higher so that the financing would work.

Postal Service's "Address Correction Requeted" procedure.

What's the procedures like to obtain a leasing license?  

Not sure on the exact procedures.  

Systems, preventive maintenance, ops procedures documented, automated collection and billing systems, etc. 

Much of my advice sounds like doom and gloom, because I am trying to stop that one case from coming along in which someone is going to get blindsided by the other side hiring an attorney, and then they suddenly find out the procedure they've been using for the last few years is entirely wrong, and the tenant ends up getting treble damages against the landlord in a counterclaim.