You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

This may or may not be helpful, but for the sake of throwing all the info on the table to keep this guy in jail, I thought I would chime back in. 

Once you know who your tenants will be, you can answer the property question on several levels, not only SF vs MF, but also location, size, features etcIf you design a car, you start by thinking about your target audience and what they want.

I really liked the smaller size.  

Only caveat I would add is that the OP mentioned that they no longer live in the property which takes owner occupied options like FHA 203(k) off the table. 

Andrew, honestly just keep going.You'll be worth 8 figures soon.Not many people love their jobs, but it puts food on the table and you are clearly good at it if you've been doing it so long.Use some extra income to start getting into RE investing.If you get a seller to carry 15% in 2nd position, you just need a 10% down payment.Its tough to do but everything in life takes sacrifice.

From my findings, the two subdivided lots would comply with the requirements provided by the county:The minimum lot size is 1 acreThe minimum lot width is 135 feetThe front building setback is 60 feetThe side building setback is 20 feet (for corner lots it is 30 feet on the street side)The rear building setback is 60 feet

You seem very green, I would highly suggest finding a property management company to do this for your while you learn the ropes and how things work.However, you can also get a copy of "The Book on Managing Rental Properties" by Brandon Turner, and get some really good information.The main one's to consider are:Background check - totally clear, or will you allow certain thingsEviction history - totally clear, or will you allow if no evictions for last xx yearsIncome Requirement - usually 3x the cost of rentCredit History - totally clear, or will you allow certain thingsPets - yes or no, size, type, number of pets allowed, extra pet deposit/feeAgain, I highly suggest a property manager to assist you with this.

I have a house that is a two bedroom one bath property with a decent size lot.

Hi Jamie, thank you.How do you target mid-size companies?