So ideally, net cashflow is defined as the profit per property, not the gross rent.

I will definately check out Brandon's book!

Rental properties have their own tax advantages.Goals- define what your goals are.Plan- work backwards from your goals to define your plan to reach those goals.Good decisions- base all of your decisions on math and not emotions.Personally I would not recommend buying a personal residence until you at least have the passive income from other investments to make the payments on that residence.

I would definately check them put for future deals.

The triplex was a little over $500k and the cash flow after all expenses including setting aside for taxes, maintenance, etc is....very thin, which is okay considering I really wanted to learn how exactly the process worked, defining terms, negotiating, etc.

You should definately check it out, though (azreia.org).  

Make sure to define all portions of the business such as defined duties, division of profits, division of expenses, etc.

An investor perspective... you have to define your value-add over me just finding another contractor and pocketing 100% of the profit.

Mostly on this particular point, I like the blanket statement "No illegal activities, as defined by Colorado State or Federal Law, may take place on or inside the premises" for all other things, but with MJ being a grey area, that statement isn't really true. 

We have our criteria well defined and are sticking to it though.