Over the long haul, I like to look at using IRR and time value of money, which includes the whole process of buying, income/expenses and selling the asset.

In general, when you purchase a home in an association you are bound by all of the CC&Rs a.k.a governing documents, which would've included all the rules around rentals.

I am a brand new real estate investor in the Phoenix market.

Rehab would include framing, new electrical, new plumbing, mostly new drywall, full cosmetic rehabs with ARV in the $200 - $250/sq ft range.You can do this yourself if the flipper bought the property on the MLS.

If you are including the cost of financing in your cash flow (sounds like you are), be sure at least that you aren't including principal payments as an expense since these go straight to equity.  

All the info for evicting is included in the regulations.

I also do the marketing for the company as well as deal with networking and branding.

Also, Bigger Pockets "Rental Property Investing" Book would be a good start for you to include Pro or Plus membership so you can take advantage of deals in BP Market Place.

My client already sold off the most valuable parcels that included manufacturing facilities (not residential), but this 6+ acres of land remain. 

Please include $75 with the full rent this Friday by end of business day.If we did not receive the payment on Friday you will have 3 days notice to pay or vacant.Please confirm today receipt of this email.