Not sure exactly what you mean by the "traditional law" -- we're not looking to change any aspects of real estate law.

(numbers are rounded)Be sure to evaluate every aspect of the property. 

I won't get into that as I'm more concerned with the lending aspect of it as discussed above and just overall strategy with the ARM.

It is a good community to network and learn about all aspects of real-estate investing.

There are some troubling aspects of your letter.

While this is mostly focused on this one aspect right now, what we really need is an all-encompassing plan.

Welcome to BP,I think your first decision is what part of Real Estate do you want to get into, there are numerous aspects where you can make money and I guess that is your objective?

It is a good community to network and learn about all aspects of real-estate investing.

I'm hoping some can share or tell us from your experience any items that are crucial to include on the following:List for tenants departing,  check list for cleaning etc.Walk through check list new tenant.Hand out to educate new renters for what is expected, rent. 

I'm sure it is just like buying property locally, but I wonder about the inspection aspect for out of state investing.