Can't emphasize calling and speaking to bankers, lawyers, and CPA's before doing all of this as I am none of the above.

I do want to emphasize again that these were Condos in San Diego I owned and I could not change the HOA fees they were charging plus special assessments etc..  

It's just that factoring in the macro detail is so OBVIOUS, it shouldn't need to be emphasized at every turn!

I went to college and got a business degree that emphasized real estate.  

If they are just ready to retire and they self-manage now and they are tired of the headaches, etc, then you emphasize how you are willing to take on all the headaches, etc, and pay him in installments at some agreed upon rate and terms.

You can still find deals in areas surrounding areas like Sparks etc but I can't emphasize a boots on the ground contact up there.

Let me emphasize that this was our very first flip.

In fact, I would brand using the color sapphire to emphasize it and consider using it as a one word name (like Madonna or Cher). 

Clearly communicate your expectations and rules to your friends turned tenants, emphasizing that this approach is intended to ensure a harmonious living environment for everyone involved.

@Jason Clemens - One major item that hasn’t been emphasized yet is the setup cost for an STR.