I however am looking to hire a full time W2 employee to handle day to day operations and coordinate between these service providers and run things generally under my supervision.Need help with actually structuring the job description, company standard procedures, and most importantly how to find and vet this person.

What contingencies have you used to cover yourself in the event your offer was accepted, but then you discovered something undisclosed that would minimize or evaporate cash flow?

-Soaky Mountain Waterpark opened up right before Covid so I doubt they've seen their potential during the summer months or if people have even "discovered" it yet.

As a structural engineer, I could bore you with all the design guides we use for residential or commercial construction, but if you really wanted to get some good sleep, you could look into the Residential Building Code for a deep dive into codes and standards for the construction of homes.

My favorite quote from that book is"Anyone who dreams of an uncommon life eventually discovers there is no choice but to seek an uncommon approach to living it"  - Gary KellerTo be successful you can't just copy what someone else is doing exactly, and you don't need to come from wealth and connections in order to be successful in real estate investing.  

But when I looked more closely, I discovered One of the applicants made 2x the rent, two of the applicants each made 1x the rent, And two of the applicants did not have any income.

I discovered that allowing them greatly opens up the rental pool and has allowed me to rent faster. 

With the standard deduction being 24k (or so) for married couples will one single family rental save us on taxable W2 income?

It's also a good practice to make sure that the current owner is up-to-date with their HOA fees, otherwise that bill will become yours upon purchase.While some people opt not to get inspections on condos/townhomes that are in good shape because of the nature of the HOA taking care of CapEx, getting an inspection is always a good idea so you can learn more about your property and to potentially discover things that may not meet the eye.

Would an adverse action letter be required for each of these potential tenants who has requested a showing or submitted an application (I did not invite anyone else to apply yet, but some have applied immediately upon seeing the listing without any pre-screening).Any insights would be very much appreciated.Adverse Action letters are only required if the rejection is due to information discovered during the credit check.