When it got near my target price, I submitted an offer and secured the property for slightly less than my target price.

That may be more art than science, which is why I don't like seeing the word "conservative" in investment packages.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I was told by a Massachusetts tenant/landlord lawyer that we could require a pet security deposit for service animals. 

I'm in the middle of one currently, still in rehab phase, not exactly a BRRRR because I bought it outright and secured a commercial loan on the property itself, but i would love to meet with some people in the area to bounce ideas off of.

First off, you're asking for an investor to fund 40% of the deal, and bank to fund 50% and youi 10%, but you don't say how each investor will be secured.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Three good steps are to 1) buy for cash flow, not appreciation, 2) secure debt that is longer in term than your projected hold period, 3) have adequate upfront reserves.

Lower income people absolutely deserve safe, secure homes, but from an investor's perspective, the risk of non-payment, eviction, squatting, and general turnover is simply higher with a lower-income tenant pool.

The seller gets to have some kind of return on his money instead of putting it in the bank, his money will be secured by the property so if I default, he can take it back, he gets a check in the mail each month during retirement, and I don't have to move into a 1 bd/ 1 ba unit with my family.