What are some key factors to execute to make sure that everything runs smoothly 

So experience and liquidity will be biggest factors.  

My biggest learning point was the podcasts, I was able to drive to work, or be going about my daily routine all the while be learning about real estate.

This will give you an option fee up front, it will also get you a premium on the monthly rents because your going to factor in the rent credit over an above the normal rents, and lastly, this will get you an appreciated sales price because your going to base it on the anticipated value in 2-3 years versus today's value. 

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?