With the average rent being listed as $888 for the city of Lubbock, that leads me to believe that the "decrease" on paper is due to the large influx of student properties having rent listed by the bed as opposed to by the unit which is very common with the large resort-style properties. 

Tonight at GaREIA.com (click calendar) the new investors meeting see location on the calendar event is a landlord panel talking about your questions and more.Read the paper off my profile 1st paragraph buying a bullet proof rental portfolio, which also answers many of your questions.In short a quick go no go is the 1% guidline,  $rent / $all in  is 1% +/-. 

In my mind I see this more as a partnership/operating agreement to partner with the POA and he does nothing, I rehab the house and list it and sell it while he just allows me to do the work, signs the paper work at closing collects his 70k at closing while I collect the 60k, and out of that I pay back my cost and pay the listing agent.

High percentage of agents at end of first year have "0" closing so that license is as good as the paper will promise.

This is something I do plan to correct in the future, right now I am finishing off my computer networks and cybersecurity degree then I plan to look into an accounting or finance degree to help me better understand and manage money.We don't really have the expendable income to make a large purchase right now, which makes it hard for me but I have seen so many times purchasing a rental property for $0 money down. 

They cant reason their way out of a paper bag.

How much toilet paper do you leave in the unit, and is it based on the number of guests or length of upcoming stay?

Even though on paper it might work out to slightly better numbers to move to a lower interest rate, you give yourself a lot more exposure to risk for the unplanned things in life.

but I can't remember a time when the publisher of the paper was ever reprimanded.  

While this investment as limited partner will be passive, I wish to learn as much as I can from the process and if possible get involved to gain some experience.I am sure that there are some less reputable companies out there that look pristine on glossy paper fliers.