It is cut throat in some major metropolitan areas.

We have trees on the side of the back yard in one of our rental home, it happened the neighbor notified us that the branches hung over to their roof and demand us to take care of it.

@Mark Benevento the short answer to your question above: 5% won't cut it.

Use professionals and stop cutting corners..

They don’t work full-time in real estate, and focus most of their attention on existing profitable businesses.Real estate investors who rely on other businesses for their livelihood must be careful not to become obsessed with real estate.

Tenant to take good care of provided appliances and have them working, even if replaced by the time the lease terminates.10.

I could be wrong but you’re should probably be careful with letting your potential personal biases interfere with it.If they meet the requirements together they’re in.

From my research, it seems like it's probably pretty common in DFW area to have tenants do lawn-care, but I'd probably need to cover items like pest control, HVAC check-ups etc.Also I am seeing mortgage rates for investment properties ~ 5.75% to 6%.

Good luck but be careful, you have lots to learn before jumping into flipping a house. 

If there is time to make your offer you might have the title searched to make sure there are no other liens that need to be taken care of.Unless you feel that owner will not be angry if he finds out that you are assigning the contract for profit, you might want to budget for 2 closings if you feel the possibility of him being angry about you making money.