There are all kinds of reasons a person may want to sell quickly and the MLS exposure will ensure at least a chance of receiving market value...adjusted for quick sale whether listed low or at market with "make an offer" or however realtors signal that a quick sale is needed.  

Ensure you recruit great tenants because they are your neighbors.

What steps should I take to ensure I acquire a profitable property? 

Thereafter, we will ensure that claims are made in for any past due rent.

I like a good r-value and ensure they are capped and proper insulation done around them.

I would also ensure the Mortgage and Note provide you with the option to pursue deficiency judgement against any borrower who defaults.  

That 8% rate was friends & family a couple years ago -- these days, there are plenty of high-net-worth individuals who are happy to lend at that rate (or just a bit higher) for a relatively secure return with an experienced/successful rehabber.You will most certainly be able to find rehabbers willing to do a 50/50 split -- and maybe even better -- but, these days, those are typically going to be the newer investors who present greater risk, will require more due diligence and will need more oversight and hand-holding to ensure you get your money back.In my experience, hard money lenders are hurting for business these days -- I know plenty of HMLs who are sitting on a lot of cash and are willing to compromise on rates to work with more experienced investors. 

I do annual inspections to the property to ensure condition.

Just certain things I learned from & I'll be tweaking to ensure the next flip runs smoother & more quickly. 

Responsibilities include ensuring downspouts stay connected and notifying Property Manager of any damage.III.