I saw the clearest presentation of the concept in Jeffrey Taylor's book, Landlord's Toolkit, which I think was clearly a notch well above the other rental property books out there for tips and tricks and mindset.

The only need is the roof which will probably need to be replaced in about 5 years.As I see it, we're in excellent standing on this home.

Actually, I do, I have kept part of the upfront money to pay for replacing the end buyer should they exit, clean up as needed, and cost to eviction if needed.

Any tips anyone could give me would greatly be appreciated.

Packed with equity and eager homeowners ready to leave their homes in tip-top condition!

My belief at the time was that this would have been a good lead.With that said, do you have any good tips that might set me on the right path?

This one also has good tips for dealing with people you will meet.If I had 200k to invest, I would save half in a savings account for when it is needed, and the other half on marketing.

The rental property analysis tool will calculate all of this for you:http://www.biggerpockets.com/recritic.html(It's not a replacement for tax advice, but it can help you better understand the calculations and let you see what happens when different assumptions/values change.)

I'm taking on a new project, which will require repair/replacement of majority of the electrical wiring facilities.

Check the filters and see that they are promptly replaced if dirty and tenants are notified they are not maintaining the equipment properly.