Obviously you will need somewhere to live, so that is an expense that needs to be factored in.You can house-hack by buying a multi and living in part of it, or do you have enough free cash to purchase multiple SFRs (one for you to live in, the rest as rentals)?

Cap rate is a factor of NOI, tenant credit and external market factors.

When people call on that ad, they tell them they are out of town, just drive by the house, peek in the windows, if you like it call back, email me your app with all your personal info on it, and Western Union me the 1st month's rent. 

Three people have told me the post was a deciding factor for them to attend their first event.

The materials used in making these drive the quality and the cost;  - Particle board (and there are different grades of this) is the cheapest  - Plywood is better (again different grades)  - Solid Wood is best (and again different types)Water is the enemy of wood in general and cabinets specifically due to humidity and leaks so I prefer solid wood frame with plywood decks / shelves.

Do I have to mention any thing about his documents in the contract like Driving License # or professional license # etc?

He has a very good job and great credit but is young and immature so I kind of just want him to go away BUT hate the hassle of having to show the place again (40+ min drive from my house each way), run background checks, etc.What would you do in a situation like this?

Have you factored in holding costs (insurance, utilities, taxes) and selling costs (commission, tax/deed fees, etc)?

It only looks dumb when things are going well or in a highly stable environment.And I don't think your opportunity cost calculations factor in risk spread appropriately.

Just factor it into your numbers and if it doesn't pan out then move on to the next one.