Total existing home sales (completed transactions that include single-family homes, townhomes, condominiums and co-ops), rose 2.4% from July to a seasonally-adjusted annual rate of 6.00 million in August.

I say get you a plan and stick to it and work it and make the adjustments as needed as you learn.

They are better equpped to make adjustments to templates they may draw from that are applicable to the situation at hand. 

Where I'm located your best bet is to get someplace that needs some work so you can force appreciation while having a small mortgage obligation because your renters are covering the majority for you.I think you should be careful with your numbers in these situations so you know what to expect for income/expenses going in and aren't blindsided.

You will need to educate yourself on management software, pricing software and you will constantly have to look at your competitors and adjust your pricing in order to be successful.

As Tim calculated, you can also adjust the vacancy rate for your project.

I do not think and I wouldnt bet that prices would drop. 

I agree with @Joe Villeneuve that partnering would be the best bet for your first property, and in the same idea why I would suggest house hacking in your own area first.

Your best bet is to do the human thing by helping this person find another space, but also do the correct business decision which is to terminate this business relationship. 

Your best bet is to start with those articles and listen to some podcast episodes from BP.