@Bryan Melendez what do you mean by      "My goal is to submit a couple of landlord applications" ?

Your offer should have included a requirement that the Seller transfer all tenant documents (application, payment history, lease, addenda, etc.), spare keys/openers/codes, prorated rents based on the day of closing, security deposits, and anything else pertaining to the rentals and tenants.

Does needing renter's insurance apply to people renting out my garage to store cars?

But it really gets serious with how you handle showings, your application, how you conduct tenant screening, credit / background checks and your communication style throughout all of this.

I got an applicant from army retired.

I use a Google number in my ads but vetted tenants get my personal cell, I tell them during the application process I'm the owner/manager. 

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

You can still depreciate the property, perform a cost segregation study if applicable, and deduct ordinary and necessary expenses related to being a landlord.

In 10 minutes of looking at your application they can tell either "This will work", or "You need to fix these things before it will work."

I am preferential to medium/long term rentals so my exit strategy would not be applicable for many years.I make a comfortable living and have a surplus of money saved up but don't want to liquidate my entire savings accounts so I can get just one singular 200K property that may cash flow for a couple hundred bucks over the next few years.Am I missing something or being overly cautious?