@Hayden Wright higher cap rate is not always better, capture initial equity through value-add, reserves should be substantial and you will likely use them, if you buy off of a long-time owner be sure to budget for insurance and property taxes to be a lot more than they’ve been paying, buy in an area where rents and property values are going up (good market fundamentals like lots of jobs in diverse fields, affordability (wages can pay the rent), population growth, good schools, low crime etc.).

Also, since this is my first property maybe I should "keep it simple stupid."

I was hoping assigning land value for depreciation would be simple as using the county's assessment; but the property tax assessment I received was not what I was expecting at all.Land value: 620KImprovements: 120KTotal: 800KTo be honest, when I was running my numbers, I estimated not being able to depreciate 50% land value; and I thought I was being conservative.

i am house hacking my first property: i keep it simple. flat fee for monthly rent, calculated utilities into fee. hope that helps!

Cash for keys may work, if it's legal in WA..the process is pretty simple.

It's that simple. 

And, it looks like there is a lot of good advice in the replies.I would start at the simple, granular level.

I just purchased my first LT rental with plans to scale to six properties over the next 15 months and I would like something simple (free) to track everything associated with each property property.

I don't know if that's true or not, or that it's that simple, but what happens when everyone's gov't subsidized maximum 'meh credit + 5% down' loan amount is bumped $75k or $100k? 

Such a saturated market, sellers (and now auctioneers) can ask anything and get it.My only way to pursue this is to approach the owner directly, if they can be found, and make a simple low cash offer to make their headache go away.