Second, real estate can be incredibly forgiving, even when things go horribly wrong.

Consider 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.

That is wrong.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

Not sure how you have knowledge of wrong answers, what contracts are being used for subto etc if you aren't in the community.I'm not here to argue with you or anyone else.

If it's not, you won't be able to legally rent out the unit and you'll be opening yourself up to huge liability if anything goes wrong. 

I'm looking in Southeast Florida (Delray Beach/Fort Lauderdale/West Palm Beach) and Columbus/Dayton, OHMany of my properties are coming from the sheriff sale/bank-owned auction and I STILL can't squeeze these tight enough...maybe someone can show me what I'm doing wrong?

Sure the concept is good (search engines), but you backed the wrong horse.

Correct me if I'm wrong, but my understanding is the CPA would have made some decision when I purchased each property as to what the depreciable basis of each property was. 

Nothing wrong with it and I know for many, it is a great income producer.