The other tenant has been there years and will be evicted for numerous reasons that the previous owner did not care to address.I plan to fix up the property over the next few months and renew the existing tenant to a higher, 1-year lease and then search for a new tenant at market rate.Feeling a bit overwhelmed, I'd like some advice on where to start with a new thorough lease and forms to use since I want to secure a new lease with the existing tenant and will need to screen for a new tenant once I evict and renovate the other unit.I am considering to join the California Apart.

Be careful of your analysis on how quick equity builds on a mortgage and best of luck

The advice I can offer is be very careful of where you buy, many areas will never see any appreciation and the issues with distressed properties and tax problems, etc.

Given that it's a reno and they seem to lend on ARV, the purchase price of the house is essentially taken care of.

Well you have nothing for vacancy, leasing fees, PMI, capex, maintenance, lawn care or utilities.

Two things to be careful with though. 1. 

Just like the city, there are pockets of nice areas where people take very good care of their properties and areas that are dangerous and not worth investing in. 

They could just be falling through the cracks because the current owner no longer cares, or is fatigued.As a new landlord you have an opportunity to retrain your tenant. 

The IRS is going to tax that money as income as soon as it is yours, they don't care if you use it to buy another property or to buy Starbucks.

This is a no-pets property, clearly spelled out in the lease.The neighbor contacted me to complain about a dog that's been in the unit for about 3 months & says it belongs to the tenant's family that has apparently moved in.