I realize I would be shooting myself in the foot so to speak... 

Welcome, this place will get you off on the right foot!

I budget $1,000 per year for a single family residence and $.67 per foot per year for capital reserves.I like the idea of listing items and their useful life. 

For 3/4" #1 solid oak, expect to pay about $2-3 per square foot for refinishing in that area (in places where the floor isn't buckled) and expect $6-8 per square foot for replacing any buckled pieces/sections.Now compare that to the cost of tearing out and installing engineered wood (I assume that's what they're talking about), and you'll have an idea of which is the better way to go. 

The barrier to entry is finding someone to trust you enough to foot the repair costs.

If I'm understanding correctly, what you just outlined provides a way to eventually hit that point of benefiting from total ownership without shooting myself in the foot and denying myself leverage.Also at Brad - The example you gave of buying at 70% ARV...this sounds very appealing, but I am not a particularly skilled handyman, nor do I have much knowledge about repairs, or appraising how much repairs would cost.

It even has it’s own separate 1000 square foot guest house.

When prospective tenants have put together a package in advance to put their best foot forward, it has given me a favorable impression.I like receiving a completed application with good handwriting and all blanks filled in.  

Thus making it harder for the serious inexperienced investor to get his or her foot in the door and taken seriously.

What is the cost per square foot of your listing compared to the comps?