I now have a ten-page agreement and it keeps me out of a lot of hot water. 

Maybe that is one of your interview questions.If you are very top producer there can be some advantages, like employing your kids, SEPs or retirement plans and maybe if you have a big team some shield of liability if you set it up right and practice what your attorney teaches you to do to keep everything separate.

Keep an eye on the water bills.

I like to keep things simiple- Is the area growing? 

Keep in mind if your Bank/Lender you closed with allows it to be vested into an LLC you can do it but it is "not" common in most cases.

Also keep in mind, it takes just as much work to run a small nightly rental as a big one.

Able to keep the tenants and increase rent by 50%.

Personally, I negotiate for better price/seller credits + put more money down to min 1:1 DSCR and keep it gucci. 

Keep posting on BP and network with as many people as you can in your area and you'll learn a ton. 

To get a good rental income, be sure to check who you rent to very well, write a clear rental contract, take a security deposit, make a smooth way to get rent, keep the house in good shape, think about getting landlord insurance, keep talking to your renters, and follow local rules strictly.