2) Their contractor must be properly licensed and insured and we require copies of all this.

While there could be avenues to acquire real estate creatively with less cash operating  real estate properly is capital intensive. 

You will need their advice on your state & local laws to properly proceed.

I felt like checking a little bit more so I ran a proper background check on her and was shocked to find that she has multiple felonies including jail time.

File an eviction with the court and provide the proper notices (e.g., 10-day notice to pay or vacate for nonpayment of rent).

Just know them going in so that you can properly budget.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Make an informed decision if you think people are properly trained?

It is nearly impossible to follow NYC's requirements and run a proper housing business.

Like Jake Baker suggested, keep good records and have a dedicated bank account for your property, properly separating personal and business expenses.