What steps do you guys typically take when analyzing an areas rent potential?

Some do but they typically offer lower LTV's when compared with HELOC's on primary residences. 

 @Moises Suazo,If the house needs work then we would buy with a rent to own and typically sell it on through our work for equity program to a contractor. 

Taxes & Insurance are typically around $600 a year for each here with these properties.

Most attorneys will settle a transaction as part of their fee, but even if they charge a few hundred extra, the title company charges just as much typically for settling, so you're just moving that fee to another part of your settlement statement.

My experience with meetings that are run by an agenda pitching person, or team, has typically been a waste of time. 

The formula(s) would look like:Potential Gross Income (PGI)  = full rents + any other income at 100% occupancyminus Vacancy & Collection Losses (8-10%) is typically usedequals your Effective Gross Income (EGI)Then you subtract your operating expenses (taxes, insurance, management & legal fees, repairs, utilities, lawn service, pest control, etc., and a reserve for capex) to get your Net Operating Income (NOI)From your calculated NOI, you can really start digging deep:Subtract your debt service from your NOI to get your cash flowDivide your NOI by the acquisition cost to get your cap rateTake your NOI, add the reserve for capex back in, then subtract your mortgage interest, to get your taxable incomeDivide your NOI by your debt service to get your debt coverage ratio (tells you how many times will your NOI will cover your debt/mortgage payment).

The typical scam is the tell the person they are out of town and to wire money to there attorney to set up a showing.

Typically your responsibility if from the meter to the house, and their responsibility is from the meter back. 

That typically doesn't pan out in a residential zone (or at least not well enough for the headache in my opinion).