Is there a "step-by-step" guide / checklist to follow to ensure you have all your ducks in a row?

If the contractors are opposed, you could look into creating a company, have the proper insurances in place (GL, workers comp,etc) hire them as an employee of the company, and negotiate a lower compensation.

You are talking about going into business with your best friend, so hopefully you would both work well together but you need to do proper planning to make sure it does. 

I told them I’d have the repair man come take a look to ensure them it works, yet they call non stop telling me it’s broken and want a new one.My gut tells me they just want brand new appliances in the kitchen, but how can I determine that when I don’t live there, and when I go to take a look myself, it is ironically working fine that day.

Use these local investors as a sanity check to ensure you're receiving the full story from your paid advisors.

Does the average newbie investor really know how to properly calculate the ARV?

With proper research, you get to know why properties outside that middling category might fall over or under the 50% Rule.Yes, I know, that's why you're here.

Finally, the last cool thing I am going to do is use my extensive knowledge of social media advertising and web design to ensure I'm in front of these distressed owners by not only getting into their mailbox but also their social feeds.

Finally, the last cool thing I am going to do is use my extensive knowledge of social media advertising and web design to ensure I'm in front of these distressed owners by not only getting into their mailbox but also their social feeds.

Before accepting a tenant you should screen them properly such as verifying employment, credit, clean background.