He signed the lease agreement for one year and gave a $600 security deposit.

I hope you kept the security deposit.

The whole point of investing is to make money and INCREASE your financial security. 

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 had a former CEO insist on using his Gmail over his work email because he trusted Google more than the systems interanlly he was willing to pay for on the email security front.

What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuitsHow familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?

Whenever you pool investors money together, you need to consider securities issues.Maybe you're thinking about the limits that Fannie and Freddie put on borrowers that want to get investment loans on residential property?

Actually a lot of the info you'd get from an operating statement (gross rent, expenses, NOI, etc.) is available on many listing websites like Redfin and realtor.com, albeit not as up to date as the MLS and not always accurate but that goes for all data provided by listings.Regarding MLS access: it is protected carefully with various methods such as keystroke tracking, IP address, simultaneous login etc. and agents can get in a lot of trouble for sharing their login info, which is good because within the massive database is a lot of private info that can be dangerous in the wrong hands like lockbox and security system codes.

I have a contractor who reached out to me and wants to partner with me. he wants me to secure the property and pay for the material and the work but wouldn’t that just be me hiring somebody?

If your after long term investments then there are other more secure ways of making a 7 to 10%+ on your money for example like buying A paper notes ( mortgage Notes) than a saving account or stock market.