I am a new REI and am in the process of scheduling an initial CPA consultation.

I respond with "have you reviewed the requirements which include.....blah blah blah) and I rarely hear back from the majority of folks who initially sent a request to view the property.What you are doing is correct and a good timesaver to weed out those who do not meet your rent requirements.

Properties typically eat up more cash than initial assumptions.  

My initial thought was to start updating all new leases upon renewal, while this may be what I end up doing, all of my renewal dates are scattered far apart so I was hoping to get some advice on if there were any faster options to avoid waiting too long and causing reputation damage or lawyer issues in the long run where while I failed to do enough research I did not personally set these leases the way they are. 

We initially were purchasing a condo in Hypoluxo FL (close to family who are RE agents, contractors, etc) but seem to be falling out of escrow due to appraisal issues.We have some familiarity with markets in central WI (I'm from WI and the company I work for is there), Asheville NC (family), Nashville TN and the West Palm Beach area of FL (fam live there).

I initially planned for a lawyer to draw rental agreement which would prevent establishing residency.. apparently this is not possible in IL. 

Listing site estimates roughly $1,700 in mortgage, tax, & insurance with 20% down.What are your initial thoughts?

You can more or less see this for yourself by google searching "[credit union name] IRS form 990," to confirm that these are neither lowly gov't bearcats, nor are they starving do-gooder charity worker volunteers acting purely out of the kindness of their hearts.

There is a difference between an infestation and there being a few stragglers of an initial treatment of the roaches.

My rental property was initially bought free and clear, but in July of this year I refinanced to pay off my primary residence because of the appreciation value that my home had basically equaled what I invested in my first property.