Note back to #3, always have exit strategies to handle a variety of situations as they arise.I always like to keep the mindset that the money is made when you buy the property so always track your numbers closely to ensure it pens out when you buy, not a few years down the road based on a gamble.

Other than requiring a minimum credit score of 700 for anyone without Section 8 vouchers, what are other legal ways to ensure that all of my tenants are on Section 8?

Also it’s important to evaluate the general health of the homeowners association to ensure they have proper reserves for capital expenditures etc and you won’t be hit with special assessments. 

Yes, sub-2's are okay, but obviously you don't want to do this on an underwater asset and if you do a sub-2 you need to ensure you do it properly to protect yourself and borrower as these transactions are very sensitive.

The process of supplementing is how to ensure that the other things you mentioned (additional layers, drip edge, code items, etc.) are included in the scope review.

For example, depreciation is a noncash expense that reduces your net taxable rental income and could possibly result in a net tax loss, effectively making the cash flow "tax-free".As mentioned by others above, you should speak with a CPA to ensure you are maximizing tax deductions and keeping most, if not all, of that cash flow in your pocket.

I did notify the tenants this bathroom renovation would be taking place (via text; will certainly get this signed/agreed upon in the future) and that if their timetable changed on when they would be occupying the property to let me know and I would ensure the renovations would be complete. 

Requiring the pre approval is a way to ensure they are screening out people who aren't able to close a transaction.

Conduct random inspections to ensure tenants are keeping the property in good(ish) condition.4.

Below I have put together a punch list of things you can do whenever you are buying a property out of state to lower your risk level and ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.