I've taken few trips back to Virginia and I met tens of people in the REI field.

A lot of people think they own notes, but they don't.

I see so many people flipping houses while contracting out all of the work and making decent profits, even when financing the deal. 

I often refi people with a 0.5% rate drop and no closing costs.  

Yeah, at this point, I’m just hoping for some general watch outs or to hear about other people’s experiences, good and bad, and any advice.

Both the tenants and property management company were recommendations from people I trusted, but I will raise my vetting game in the future. 

I know people say that, and it is ideal, but it is difficult, especially in growing markets.

Lots of people complain about the "timeline" risk.Start looking for a replacement property during the marketing process of the property that you are selling.The 45 day ID period only starts on the day you sell your relinquished property.

But moreover, not charging and application fee is more likely to get you people applying who, well, umm, know they would likely fail one but why not apply since it's free?

It's the best way to connect with the people in your market really making things happen.