Which of these towns have better supply and quality of tenants?  

Here are some ways that you might want to think about that risk1) What does supply/demand look like in your area and how long do you think it would take to get a market rate tenant2) Set expectations with the existing tenants that you would prefer them to stay and therefore you will be implementing a small increase but that they will still be below market and will therefore save $x per year over a comparable rental3) highlight any additional value that you will bring in return for the higher rent e.g. more responsive management, rehabs, additional amenities etc.4) Assess whether the tenant is one that you are interested in keeping e.g. do they pay their rent on time and do they look after the unitGood luck!

Also many buyers will not go through with you, if you can not control or really what that means [trust and add value] from your buyer they are just going to use their cousin VInny or what not.Sellers are always in short supply so if you can figure out a good way to get sellers listings consistently you will do well.

I've kept track of all time by day and property for the year as well as all receipts for repairs, supplies, and work done, so we are not as much passive, as active, even though we use a property management company for rent collection and first line of calls.  

The projections are that so many people will be moving to Phoenix in the coming years that we won't have enough housing supply for all of them.

. - the only thing such LL's will catch is either a law suit, a disgruntled tenant or a startled tenant (which poses a safety concern to you) if catching lease violations is a concern (which it should be) error on the side of AMPLE notice and you'll accomplish the same thing simply because it puts the Tenant on 'guard' to 'clean up' their act leading up to your inspection - which is really the whole point anyway.

No leaks in the roof, paving is good, new paint, a few broken doors, fencing is in good condition.Current Rent Roll: 134 units occupiedExpenses for 2019:Supplies $200Repairs $660Taxes $15,273Utilities $5,728Office $1,393Payroll $13,782Insurance $5,239Total Expenses: $42,275It seems like this is a no-brainer but I don't know if I'm missing something here.

In this type of scenario does the financial party usually hold the mortgage as well as supply the down payment?

Too much exposure, and we could never get 4th chair filled, as they were all independent stylists and bought their own supplies.

There Will be a correction and with the flood of houses on the market from the baby boomers dying off and selling homes to go live in retirement communities will create an Over supply of SFH and I believe that it won’t be going back up for a long time.