Hi Brian if you're ever in the Madison area I'd love to buy you a beer and pick your brain about the tax implications of farming. 

IMHO you won't find the really good deals on the MLS, most Investors, (Like myself) already has access to it and will pick over what is on there.

In a depreciating market, you have the advantage of being able to cherry pick.

The tenants had been friends for many years but never lived together before which was a red flag for us but picked them either way.Now 2 months later, February rent is late and I was on them daily to get it paid and as they were new was giving them one chance.After a bunch of excuses the truth comes out: she moved out and took the rent money he gave her to pay me.I spoke to him and I will be getting paid this week when he gets his next check.Here is where I need advice: he told me he changed the locks so she can't get in.

As someone from the Madison area who is just starting to get their "feet wet" in REI, I'd love to buy you a coffee sometime and pick your brain. 

Quite the opposite.Too many people are too quick to step over dollars to pick up pennies.As you point out, there are many ways to improve cash flow by improving the property itself.

Keep in mind expenses are always higher than you think... for a single family house plan on putting away another 3K/year for random cost that you can't forsee.

I personally am hoping that more deals can be cherry picked.

Just pick a good location that is as close to Atlanta as you can afford.  

You can pick your neighbor.