New property in Smyrna, DE I have questions about self managing

[Justin Demko]

I am finishing a remodel on a house in Smyrna, DE and is it almost ready for a tenant. I have no experience in real estate beyond being a home owner who has done a remodel that I have now moved out of and want to rent the house out. I want to self manage this property. I plan to buy the bigger pockets Delaware landlord forms. I have a prospective tenant who I plan to run through the smart move app. I have some questions please see below.

-Do I need a rental property application? What are the benefits of taking the time to create one, or can I handle all the details verbally and reflect what is discussed on the lease agreement? I can see it being helpful after a few of these but this is going to be my only property for at least the next 6 months to a year.

-Should I tenant screen for all adults in the house or only those responsible for paying the lease as agreed?

-What kind of questions am I permitted to ask previous landlords and employers?

-How does the lease get finalized? Do I just put all the paperwork on dotloop/docusign and send the digital copy to a lawyer to get it official?

-What is the purpose of mandating renters insurance?

-Do I legally have to hold the security deposit in escrow? Can I just keep it in a separate saving account? If I do need to do it in escrow who do I need to deal with to make that happen is that a local bank or lawyer? Are these rules specific for Wilmington, DE and the surrounding area or is this standard?

Thank you,

Justin Demko