I have found time is better spent building tools to quickly analyze & procure new deals, rather than hyper-analyzing the metrics of one deal, ultimately making initial review faster & more reliable (spend time on the things that make sense, quickly remove things that don't, even junior-level staff can identify good opportunities with the tools, etc).For example, if I'm modeling a SFR to 3-4 unit scheme, I can quickly check the $/sf/mo for each of my proposed units and get a good idea of the GOI without having to manually dig through &  find rent comps in that City/Zip:- So instantly I know in Woodland Hills that a Studio is close to $5/sf/mo on avg, 1 Bedroom closer to $4/sf/mo, with the 2 & 3 Bedrooms closer to $3/sf/mo.

.- 50% of 1st months rent when procuring a new tenant.- 10% project management fee for project $2,500+.- $25/hr for extreme maintenance circumstances (ie hurricane clean up)Thats it... neat, simple, easy to understand, AND transparent.

So far my wife and I have accumulated 5 properties in the Baltimore 21213 and all properties are rented.Our next step in our 5 year plan up to now was to procure a portfolio loan form a smaller bank.

Your question touches on who is the “procuring cause” broker.

All I do is procure a buyer.

I am procuring deals right now that are cashflow positive in the first full year.

The most obvious ways of locating foreclosures by getting a list of recent default filing notices or procuring  foreclosure lists may not yield the results you want readily.

-PRJA good and experienced demo contractor in your area is the way to go if you are able to procure the property.  

You must procure a flood elevation certificate, approx $600, from a reg land surveyor or engineer before I can quote.

Once you do decide to procure your first rental, definitely lean on the BiggerPockets community as a resource; I'll also say that it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some automation to the rental management process (just to make things much much easier for you)!