But if you are determined to avoid hard money, you can partner with an experienced developer or real estate investor. 

Once you reach the number or properties/CF you want or simply when you no longer want to buy more properties, then that is the time to start paying down your mortgages.

If it is a new tenant likely hood is that the landlord simply placed someone with a heart beat without screening. 

Any other thoughts on this property as a deal or not are welcomed as well as I'm still determining what to look for myself.

Cap rates have some flaws, but they are one of the good measurements of real estate return.It is fair to include closings costs into the purchase price, to determine your cap rate. 

Once the property is rented, I simply cut two checks each month, one for his/her share and one for me.

If you super determined you can general contractor license too. 

trulia.com - look at crime rates, street views of properties, GIS driven data for house values, previous price pointsrentometer.com - use free searches to determine average rent in an area based on the address and number of bedroomsIs the property generally rentable or sellable in that area?

And why should people who know what they are doing fall to the level of the "time wasters" Why don't the "time wasters" simply get serious?

I am young but I am very motivated and determined to be successful.