I suggest keep things simple and look for alternative investment options. 

I've been an investor a lot longer than agent and my point was to maybe help out any investors thinking of getting their license that it's not just that simple and something to watch out for. 

It looks like your capping home income in whatever calculation you are doing which is literally one of the worst things you can do because you will pay 20 grand for a run down home thats worth zero and you will do it 26 times over.....I don't think Frank and Dave have a "sky high formula" and i feel like you are missing the entire picture here. 

I leave them a very simple one page letter for landlords, the benefits of lease to own versus regular landlording and my contact details.

Keep the rules simple but be flexible with real people.

Well the simple answer is call the mortgage company and ask.  

My plan started from a simple concept I found in reading rich dad, poor dad.....Buy income producing assets and have your assets pay your liabilities. 

Why learn all of this when isn't it as simple as just buying a house for a agent and sell it for more or doing it up and selling or just renting it out?

Is it as simple as finding a solid property management company to take care of most everything?

@Shetal Gandhias a programmer, you are likely ahead of most REI folks in terms of what you can do with data.mash yourself a simple geodatabase from redfin csv's or assessor shapefiles. get up on qgis (20 minutes) and make some visual databases for your programmer self.