A good one is worth her weight in gold!

How much weight do you give that map on making an initial decision?

$511 after expenses would probably turn into negative cashflow when you account for vacancy, repairs, CAPEX (although that will be lessened if you are replacing the roof upon purchase), and property management.

And for some of the work, we would of needed a contractor since we don’t have the experience or expertise to remove weight bearing walls.

There are numerous blogs on how to vetted a PM, if I follow those guidelines, would that lessen my chances of finding the wrong PM?  

talk to Peak Asset Lending in KC  @Alexander Felice  banks generally wont fool with stuff this low unless you have existing relationships with them.. the cost and risk of having a default far out weight what a bank can make on a 15 to 20k mortgage.but i have seen small local commerial banks do these for local citizens that own 10 to 50 homes and its their cottage industry so to speak

That event is heavily weighted to seller carryback investing rather than NPL investing. 

(Verbal agreements don't carry a lot of weight with real estate, so you'd likely prevail either way, but do you want the tenant's free "tenant's rights lawyer" to drag you through the mud for months, or weeks?)

It took hours to set all those checklists up but for $10/month, its worth its weight in gold because I don't have a single doubt that my housekeeper knows what to do because its on the checklist. 

Even just a weight and breed limit would be a start.