I have very comprehensive systems like this. 

I just finished up a project in Killeen with Red Rhino with ‭Ryan Householder. 

I should also point out I don't personally use David Robertson's spreadsheet...I've just seen it and it's very comprehensive to use as a starting point when you don't know what things you need to look for and consider. 

There is plenty of free landlord software out there that will comprehensively screen your applicants (credit, criminal, and evictions) for almost every state and will allow you to look at the full report.

It's not uncommon for the makeup of a household to change over time.

Place I used to live had long term rent being around 30% average disposable household income. 50% is obviously not tenable.

As was mentioned, make sure you comprehensively screen the tenant to see if they seem like they'll be responsible pet owners.

Maximum occupants living in household?

Within the next 5 or so years I would have the opportunity to relocate to a new city for my job, so I am thinking this would be a good way to begin gaining equity in real estate, live with friends while I'm still relatively young, and have their rent payment help pay off my mortgage.Sorry for the long post, hope that it is at least comprehensible.

maybe join the Texas Apartment Association for a couple hundred bucks which allows you to use their lease. it's pretty comprehensive.