We built a web site, set up automatic payments, implemented late fees, raised rates.

The rent covers the PITI exactly and doesn't cash flow, all the advice on the web I've seen is if it doesn't cash flow it's a bad investment.

That is, even at the confiscatory rates most HML’s charge, and we’re lenders, financially you’re almost always better off borrowing the money.Last, if you asked someone to risk 100% of what could be a life-changing amount of money, and then added that instead of using a lawyer to protect them, you’ve chosen to obtain your documents off the web, how do you think they would feel?

To your question on market outlook, I look at many of the fundamentals that led to appreciation over the last few years - lower than average construction starts, millennial family formation, the overall supply/demand imbalance - and they have not materially changed. 

That way every applicant is treated exactly the same and you do not have to become an expert in this complex web of federal laws and regulations, since they already are!

Local landlord tenant laws, fair credit reporting act, federal fair housing laws, assistance animals, and just understanding the fundamentals of the various systems of the structure itself...plumbing, electrical,roof and building "envelope", HVAC...the more you know, the less likely contractors, professional tenants, and Government "testers" will dip into your profits.

Bathrooms are more fundamental.

That feels like a scary way of saying the mania we've seen for 2+ years has ended.We haven't uploaded to the Cloud just yet, which means housing is still a fundamental necessity of society.

I understand the fundamentals of real estate, rehabs, arv etc from an investor standpoint. 

@Brandon StainesThe fundamental math stays the same regardless of the market - a property needs to be purchased under market value so additional equity can be added, a rehab and contracting plan needs to be in place, "When you're buying out of state, the first thing you need to get right with a BRRRR is that you're not paying market value.