Also, if they leave the place without damages, clean, and ready to rent (quick turnover), then I would consider returning the security deposit.

Before I was planning on buying a house back home earlier in the year and renting it out but instead of dropping a large down payment I could put that money in a few notes for a much better return.

I make a higher return than on most my other properties.

I would like to grow a portfolio of properties over the next 5 years with cash on cash return as a focus, cash flow positive properties, and value add properties (fixer uppers). 

Should it not be on the monthly cash flow and look at the numbers for cash on cash return and cap rate?

I can give hard numbers upfront and what to expect on return.

(Ideally at least what what you put into it) but if your income tax returns show too little, how can you make the cash out refi happen?

I'd like to get into flips and buy an hold properties but really anything where I can see a return on investment of course.

@Camden Smith,  It's going to be your accountant (or rather your parent's accountant) who's going to file the returns and  knows the ins and outs of their situation. 

Doing things in the right order matters as in most rental markets it would be harder to get good investment returns for example on refinishing hard wood floors for a rental... buyers appreciate/expect refinished floors more than the typical renter... you also would not want to have 5 years of wear on refinished floors to then put it up for sale.Do all that and in 5 years you can still decide to keep it you will likely have massively increased the appraisal value, do a COR and fund your next deal.