Did you do the market research?

I know a lot depends on the specific deal, but there's gotta be some markets out there where it's easier to find properties that are 70% of ARV and still cash flow pretty decent, right?

Limited appreciation, old housing stock in need of major capex, population decline in many markets...Can you pick a market that's a couple hours away so the price point is lower, but you can be in-person and hands-on?

You asked about the risks and benefits of using leverage in real estate investing.The reality is leverage cannot be avoided, usually, in real estate investing.The risks are you get over-leveraged and your don't have enough cashflow and reserves to weather a market shift, extended vacancy, or major repair.The advantage is you increase your ROI by using other people's money and as little of your own money as possible.

Hi, Jacob - to create a lease I recommend you use an online service like Avail.co or Rocket Lawyer to draft a state-specific lease.

This is exactly why I've been staying away from markets like LA and focusing on midwest markets. 

You still have a month but I do think MTRs in markets with a lot of competition can be a bit harder to get bookings on before you have reviews.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

There are some that will post on the Bigger Pockets market place but you'll find tons of them on Facebook.  

This market is forcing a lot of investors back to fundamentals.