You should set strict screening criteria for what you are looking for in a potential tenant to steer away those who would just be wasting your time.BiggerPockets has recommended screening companies right on their site that you should do some research on to see what company best fits your screening needs. 

If they are following the covenants, then you are going to waste a lot of time and money trying to fight it.

This minimizes risk from market downturns or any other unfortunate events.Conservative goals (buy a few houses, have them paid off, and focus on other things): Take out the min you need to buy the next house.Question 2:Yes, if you refinance your rate will go up being, non homestead (if you purchased owner occupied initially).

My thought process: 1) First, read about 50 books on RE and make sure it is something you want to pursue2) Talk to (on phone, PM, whatever) about their business, what their day is like, etc. 3) Start trying to put together some deals4) Once you're there, bring in a coachPaying $50k to a coach when #1: you don't know if you even want to do RE...and #2: you don't fully understand it...is a waste of time. 

For example, let's say 3 months after you draw up your option, you learn that there is an old, covered environmental waste disposal site 100 feet from your property line that is causing cancer in tenants. 

That said, asking a contractor to come out and give you a bid on a project you do not have locked up in escrow (at minimum) is typically a waste of time to the contractor and he or she would not be pleased wasting their time.

@Steve Joseph If I were you I would worry about minimizing your vacancies.

Forget trying to find out of area investors that are in your market, it's like looking for grains of sand on the beach, a complete waste of time, and more work to deal with.On GC first off, you need to learn to be good at administrative stuff, or find someone that is.

Cap rate doesn’t take into consideration any loan payments.Just guessing that is the case due to $34k decrease with minimal booking fee commissions and such.

Up to you if you want to waste time, and money on an appraisal, just to have the rug pulled out from under you in a few weeks.If diesel fuel is normally $4 but someone says $3.75, then one could surmise that it's just discounted cheap diesel.