We got over our analysis paralysis for our first rental by having a very large emergency fund/operating budget for the house. 

If a sponsor doesn't take the effort to make a good impression with a well thought out offering package, I have to assume they will also be lackadaisical in their operations, they won't care about getting K-1s out on time, etc.But, what you said is also true: I have seen some very slick marketing materials that I will never invest in.  

Then they took pictures of the underneath of carpets and found stains that were more like water spots, these were not wine or pet stains.

So I essentially operate where if I write the offer and or bring the client the deal then we have a "exclusive" contract on that property. 

Need a few chess pieces to complete my operation.

BP has great resources for calculating your DP, reserves, operating expenses etc.

From there you should be able to calculate your net operating income (NOI) which is the income you earn before paying any debt service assuming you are financing the investment. 

Chris has NPNs in judicial FC states so when he says that DC is the worst, I'd like more details :)We operate in IL and NJ (not PA or NY).

@Kevin Scanlon , @Tyler Hespeler, @Francois Martin  all own and operate STRs in the Eastern part of CT.

These guys do and they also own the operations of their business too and continue to grow it.