Hi @Adam Burrows, wanted to give my 2 cents from an estate planning/asset protection background.

Full background checks to make sure your not letting a serial killer under the same roof.

In other words, it's the jerk who doesn't give 24-hour notice to enter the apartment and who is renting out a dump with a broken hot water heater to a tenant with no background check that will have the most problems.Since you're local, you learn how to work with local tenants, property managers and contractors.

@Anthony Roberts per our knowledge, Toledo has a lot of Class C properties/tenants.So, most of your applicants/tenants will have FICO scores under 620, many even under 560.For this Class of properties/tenants, we only look at the background check for violence-related convictions, evictions and utility collections (can they get utilities in their name?).

Given your background in bookkeeping and real estate, you likely have a good sense of your capacity and risk tolerance, but consulting a legal professional might still be a good idea.

Call any attorney in your area to confirm.Also, don't go so low to personal assaults on my background.

Anything over 30 days is considered a long term rental, so you will need a lease, do background checks like you would with a LTR.You could do well with that strategy. 

You have to listen to your inner voice, run background checks and get recommendations.

Are there credit and background requirements for buying tickets?

I was never involved in the business and don’t have any background in real estate to build on.