Taxes, utilities, maintenance, cleaning, marketing...Gross income doesn't mean squat to your wallet.

So far with the properties that have looked promising we have utilized the calculated NOI / Cap rate to determine the value and every one we have done has come up way lower than the asking price and in one instance came up less that what the current owner paid for the place initially.

In most situations the tenant is 100% responsible for the initial security deposit payment, and any recurring utility charges. 

I truly did intend on just having them complete the Apartments(dot)com application, since it appears to utilize the TU SmartMove screening details that many here boast about... so the only thing that I am concerned on getting signatures for is the Authorization to Release Information when reaching out to current/previous landlords and employer for various verifications.

Then there are the challenges with Section 8 tenants paying utilities and taking care of their rental property.

. $400 a month for utilities, $500 for misc expenses like toiletries, maintenance/repairs, landscaping etc. $150 a month for insurance (this might be low?).

I will be sure to utilize the bigger pocket resorces.

So, I don't just factor in hard expenses like mortgages, taxes, insurance, utilities.

Detroit would be a difficult market to utilize a DSCR loan in due to the low amount of monthly rental income coming in. 

Give them a triple net lease (meaning they pay rent, and they're also responsible for insurance, utilities, and maintenance).