After checking the lease with a MUCH more critical eye, (there were no printed or typed names on the lease, only signatures), I realized that these two tenants were not on the lease at all.

Staying in control of everything you are responsible for is critical and do not trust anyone until you know them well.  

I want to eventually do a cash-out REFI, so what an appraiser thinks would be critical here. 

I grew $10K or $20K per project before topping $100K, so just find a property that does not need much work at the start - and grow your experience and your team along the way.For a BRRRR deal to be successful, it is critical that you know the rehab cost and what the completed property will rent for.

Its not perfect, but, once mastered, it can be a critical tool in your business toolbox.

@Adrian Easterling Courthouseyou results speak for themselves; I can't believe someone would criticize your rehab considering your numbers, time on the market, and amount of offers. heck, you got multiple offers so you obviously know your area and what works. 

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

The difference between those who accept it as if it was the holly bible and those who criticize it, is that the embracers think that the system is perfect ideologically and practically and there is nothing to change or improve.

It really becomes critical exactly what the Governing Documents detail the HOA is responsible for.

Tenant screening is critical to your success.