Gather demographic information, including employment details and income.

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

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

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.

My list includes - last 2 years employment history and current employment [2 paystubs], criminal checks, eviction checks, No Pets, No smoking, tenant pays utilities, maintains landscape, no subleasing, bring own washer & dryer, 1 month security deposit and transfer of utilities before moving in, rental insurance, all occupants will be on lease, notice period of 2 months for termination, tenant references, No cosigners, no painting walls, late fee notice, any hoa fines should be paid by tenant, inspection of property at 3, 9 and 12 months.Please let me know if I am missing anything.3.

Lets talk :) What type of unit size are you looking for - small duplexes/triplexes or more of large unit multis?

Deny.Part of my screening process is to check the length of employment.

Typically a rule of thumb is with no experience and average credit you are looking at 15-20% down depending on the rehab size and complexity. 

Also the interview is a big part of decision making, because most important is to have a person who is responsible and keeps your property clean.We don't look at bank statements, but we do want to see the last pay stub before we sign the lease and make sure the employer and the amount matches the application.

Megan, Not sure if I can help you exactly, but a few items that might help: 1) As you are out having conversations with potential private money lenders, you can start the conversation about "Did you know you can use IRA, or old employer 401k funds to make private money loans, secured by real estate?"