The one thing I have consistently read and heard about them is it's a numbers game.

I've recently hung my license with Gig Harbor Real Estate - Elkins Gazabat, and would love a shot to help.

I am not sure if anyone can answer this question, but I figured I would give it a shot. 

Most of them require that all utilities be turned on and have professional property inspectors on the ground who do full property inspections during an inspection period.I agree that it's crazy to think this is something that a small operation could do consistently and successfully...

What exactly should these receipts consist of?

You need to be consistant and have a written renatal policy, it may state 24% of personal debt and 33/36% toward rents with compensating factors.Compensating factors may be that you have a single tenant and ratios of 20%/40%, good or decent credit, no other issues and that tenant may be fine looking at the big picture.

Also, you should have an attorney draft your loan docs, which will likely consist of a promissory note and a deed of trust (or mortgage).- If you'll be an equity partner, make sure you have a legal interest in the property, most likely through a legal interest in the company that holds title.

What you want is consistency.

I made a call to another investor and he confirmed my math was good and reassured me that it was worth the shot.

You may still not find anything, but you have a shot.