Also, I was reviewing the BP tutorial for new members, to better understand how to navigate the forums and the site but the info is different and seems outdated.  

Cash-out at 80% is not the norm but it does exist.  75% is more of a standard and some lenders even are holding to 70%. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.We've also classified Metro Detroit Cities & Detroit Neighborhoods, PM us for more info.What else can we assist you with?

Consider it a blessing that she flaked and kept ignoring your original offer- Dodge the bullet NOW....DO NOT RENEW HER UNLESS SHE PAYS AT LEAST CLOSER TO MARKET RENT..... if you think your unit doesn't really meet market standards to get market rent, then at least get it closer or at minimum keep it "as is"...

I’m mainly asking to learn the industry standard so that I am more prepared for my next deal.

Once you have systems in place and have developed standard operating procedures and a plan for management you will be fine.

If you have a cat that pees or sprays, understand that even if LVP is waterproof, it can seep through where planks connect or edges/trim to reach to the subfloor or slab, causing major odor issues. 

Understanding the local market there, like rental rates and property trends, is crucial but hard to do from far away.Finding a reliable property manager is vital for tasks like tenant screening and repairs.

Not only will it help you understand the industry better, but you'll be able to analyze the market/deals yourself.There are plenty of online resources to help you accomplish this within a few months, and I'm sure it will open a lot of doors for you down the line.

It is crucial to thoroughly understand the specific market in which you are investing.