I've been spending some time in Newburg and around Dixie, north of 264 lately too.

You absolutely have to get a local presence by spending time in AZ yourself, or by finding someone you can trust to bird-dog for you.

They don't take into account your area's specific state, county or local laws and real estate regulations.You can try somebody else's, but I think it's worth it to spend $300-500 on a good one tailored to your specific niche.

I spend a least 5K on every property after acquisition.

A very general rule of thumb is that if the tenant does something that causes the landlord to spend money, and the reason for the expense is due to more than standard wear and tear, the expense can be passed on to the tenant.

Maybe they really do spend only a few minutes on one particular house and collect a big paycheck.

You can spend 3k-5k on a good Operating/JV agreement.

Fractional lending works in reverse, for every $10.00 in lost reserves a financial entity must recall or spend down $100.00 in lent capital.

Was this one of the small bank "promises" to extend the loan if things were going well?

Many people either a) don't have a down payment or b) don't want to spend/invest into a house because of the uncertainty...which creates a perfect storm for Buy & Hold Investors & rents will steadily increase.All in all, I'm looking forward to several more deals coming down the pike, just missed out on 2 SFR but picked up another Duplex.