Interestingly enough, my first landlord when I moved to Omaha was a retired police officer.They Self ManageThis is the one area where I don't personally follow the standard 'Mom and Pop Investor' model.

The lender will also order their standard documentation (title, credit report,  property evaluation or appraisal to determine the value of the property, etc.).

Per the lease it was the tenants' responsibility to cover lawn maintenance and water was to be paid by the landlord and reimbursed by tenants.Although it was the tenants' responsibility to maintain the lawn, we worked out a handshake agreement that the landlord would continue paying his lawn guy and we would reimburse him for it.

Since we launched the last year has been solid  - Since we have lived on the property it only would cost us around 50 extra a month for water and utilities from what we were already paying.

For instance, have you accounted for maintenance, CapEx reserves, taxes, insurance, water, trash, electric, gas and landscaping?

Assuming that you are interested in buy and hold, you will also need to include repairs, capital expenditures (CAPEX), vacancy, water/sewer (unless tenant is responsible), and property management.

Anyway, I always leave with the standard first step: Have you talked to a lender yet? 

I use Renters Warehouse for tenant screening and placement (I do the management), and use their standard lease. 

And while you're at it, check into Passive House building standards(google "passivhaus standards.") 

in our Charleston new builds and every new build I have seen there they all have tankless water heaters standard on the outside of the house.. in Oregon its an upgrade.the reason I was told in SC to have them is the water rusts out the ones with tanks so they leak and so that's why they want them out doors..