I saw some recommendations from other threads, but not sure if the specialties align (although anyone can create an LLC and draft an operating agreement I suppose).Also, are closings typically done by title/escrow or an attorney?

Typically you can settle with them for a lesser amount to avoid the trouble but make sure you are on the same page with the PM.  

The neighbors get foreclosed on more than typical neighborhoods and that keeps values lower for longer.2) HOA association decides to levy a $20K assessment on all owners in the neighborhood in order to upgrade everyone's windows, decks, roofs, and siding.3) HOA increases monthly dues by $250 per month in lieu of a large special assessment. 

Investment properties are typically lended on based on three factors: property value, borrower's FiCo, and debt service.

For example, typically if a tenant leaves the unit in good condition, we'll refund the full security deposit minus a nominal cleaning fee.  

I'm wondering if that's typical for the first touch?

What are typical price to rent ratio numbers on SFH in your market?  

Hopefully he knows usable repair folks from the rehabs he has done.CAUTION:  Landlords do not typically give away equity, they normally have a better grasp of market rates and values.

You don't have to pay them 75-100% of the first months rent like a typical property management deal.  

You are correct in that once you have identified a neighborhood and you see a rental listing come on you need to run there immediately with credit reports and money.