Oh and by the way, the lender will love working with you as you are worth at least 2 loans right now and sounds like you want to keep going for more properties down the road. 

We identify deferred maintenance items that will need to be addressed in the near or distant future so these items aren't a surprise to the investor and they can set money aside accordingly. 

Hi Anson, first of all, thank you for answering this as 2 parts because I am currently an agent helping investors, but will be looking into purchasing for myself as well down the road!

Cap rates could certainly increase, especially as landlord laws in some areas (like CA) continue to go down the tenant friendly road hurting investor returns.My point being, I agree with what you have presented and this “pending crash” talk has been going on for over 3 years now.

I'm a real estate agent (Realtor) in the Hampton Roads, VA. area.

Regarding pictures, I only take a snap of everyone room as needed for future reference and take pictures of any items you identify as issues from the list above.  

WE have Identified a property and need to get approved fast!

I’m trying to soak in and learn what I can now so I hit the road running when this cycle comes back

As afar as doing 1031 in our market here in Hampton Roads area, Virginia, that will be quite a challenge.

Look forward to meeting you and you family down the road!