Ditto the above comments that finding the right team is critical.

I've been remodeling kitchens for many years and even experts make serious mistakes when it comes to installing a kitchen and find out after cabinets are  installed that something is critically wrong in regards to locations and clearances.The most critical things to think about when remodeling a kitchen is when you need to make a choice in regards to whether or not you want to change the location for the refrigerator, stove, sink and windows.

This isn't necessarily step #3 in an order as much as it is a constant,...gradually increasing in the complexity of what you are learning, and can understand.I believe that all three are critical, adn leaving ANY one of the three out will stunt your growth...and you won't realize it...see step #2.

It is critical to establish personal relationships with those managing things for you otherwise you will be at the mercy of contractors, property managers and real estate agents who may not have your best interest at heart.

Just like choosing any professional, getting the right team is critical for success.

Critical with these turn key rentals Will is if the rehab was a " skin job " of carpet, paint, water heater and not replacement of all mechanicals A/C, heater, new kitchen and baths, plumbing, roofs, etc.

And if someone didnt to the "analyzing" that you criticize and simply purchased a property focusing on rent/cost that would be a sure fire way to end up in bankruptcy. there are plenty of houses out there, even in my area which you can by with a great "cost/rent" ratio, they are still TERRIBLE deals.

I just took what I saw was the vulnerable parts of the business IE paying too much to begin with,,, getting hosed by the rehab contractor and the critical element Property management and brought them under our full control with every key aspect an owner not a vendor..

Half or more of the loan should be collateralized by business assets, the loan to value is not critical in this case as a long time personal friend.  

That's just one of the many options available later, *after* your equity base has achieved critical mass.First thing first, grow your equity base.