From there, we will be looking to expand and delegate tasks out to VA (virtual assistants), employees or partners.Let me know what you think, tips, advice, red flags, etc.  

Sometimes I end up going too far with that and pay someone from Craigslist hourly who would rock out that list in 3-4 hrs. 

With only one SFR, this becomes important as we invest for +ROI, not red ink. 

The market is red hot right now - be very careful with your deals and don't buy because everyone else is rushing in.

Your low figure for this one is what's keeping your expenses so far below the 50% rule and you could easily be in the red on this deal.   

My wife and I are also pretty handy with maintaining a house - we've done plenty of work on our own houses through the years, repairing sheet rock, installing microwaves and ceiling fans, etc, etc. and we are not afraid to look up how to on youtube.

Other than real estate, my hobbies include weightlifting, indoor rock climbing, hiking, reading, traveling and eating a wide variety of food. 

Any red flags? 

The building was running in the red and needed a lot of money for capital improvements.

If we educate them on having renters insurance for $10-$20 monthly and they balk at that it's likely a red flag.