The real mistake is sitting on the sidelines.  

Many people discount it's usefulness, because they can raise the money on their own, but as it becomes more main stream, I feel that way of thinking will have been a mistake. 

It would be a mistake to think that you are going to be able to rent your unit for a much higher rent by getting a different kind of customer. 

The questions you're asking seem to be very vague and indicative of not having done enough homework already (not to sound too blunt, but just trying to help you avoid making mistakes). - Selling a property for $462k after buying it for $300k only 3 years ago may be indicative of remodeling work done in the home. - It could be that the rents being charged are below market, but you don't decide rents based on the purchase price of the home.

At that point I know I have made a little bit of a mistake by approving them for the lease.

They never close on-time, and they always make mistakes on paperwork.

@Matt Nico Hi Matt, thanks for clarifying, I wanted to be on a good track to make as little mistakes as possible.

The realtor I'm working with doesn't really do this kind of transaction (first mistake), and the listing agent isn't the most communicative (maybe because of the holiday?).

Learning the ropes of property management while getting paid and making mistakes on somebody else's dime is about as good as it gets.If you plan to get into rehabbing, then a more hands-on job would probably be better.

Sure, 212 bathrooms is an obvious mistake.