A separate meter is a better way to go but this way has been working for me and it's $300 vs thousands to achieve the same result and the tenants have been good with it.

Does this sound valid, or are there many more complicated steps for this to work?

I purchased my primary residence and a vacation home in the last five years, working with a great buyers agent. 

Both me and my husband are currently working, so the excess, if we do have it, sometimes goes to one of our rental houses.

Besides the benefit of the forms, I do not think the money is well spent) or MLS membership (approximate $190/quarter, which is useful investment)- Brokerage has no trust fund/escrow account.  

For example: Say I find a property that is $30-40k and needs another $30k in work.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I recommend you work with a mortgage broker that works with 220+ lenders to help you shop for the best lender for your situation! 

Real estate investing is my life's work.

I have no issues, but I didn't need to provide so much information, even for a conventional loan.