Being conservative, I figure I can easily get $850/month for rent.

I do have an Excel spreadsheet I developed which calculates all this for me fairly easily, including a decreasing sale price (in decrements of $10K).

We could easily find someone to be as trustworthy and accountable as us, but it would come at a price of paying them a high wage, leaving not much left for profit for all of the hassle involved with managing another's schedule.Instead of expanding our business adding lots if stress for a little extra profit, we plan instead to just enjoy working a healthy business and transition into real Estate investing.

Converting your term policy to some type of cash value would be poor financial choice, your premiums could easily increase 10-fold for the same coverage.You can use your Roth and Traditional IRA (and 401k) to setup and moved funds into self-directed IRA, which would give you the freedom to invest into any investment opportunity. 

I put tenant address numbers as the PIN.Experiences I have had with Wells Fargo and that others have had with PNC is that you can't easily define what tenant made a deposit.  

I stumbled upon this run down 4BR house which needs complete gutting and rehab - easily a $150-200k project.It was listed 6 months ago, list price was lowered last month to $500k.

If you think first, last and security is a lot, out here in Boston renters are easily paying First months rent, Last Months rent, a Security Deposit equal to 1 months rent AND this g-d damned (telling you how I truly feel) finders fee which is also equal to 1 months rent.

This is an arbitrary thing...that can easily be avoided...the filter that is.  

I heard on a recent podcast that you can easily pull real estate statistics for your target market through REA (I'm not even sure this acronym is correct)?

You should easily surpass the expense in income or cash saved with your goals.