@Jim LynchSome typical minimum tenant screening requirements look like the following, but it depends on your market:-Renter has a gross monthly income of 3x more than the monthly rent-Minimum credit score of 650-Renter must have no prior evictions-No felons (or other notable criminal history)There are a number of different tenant screening softwares out there such as Zillow Rental Manager, TransUnion SmartMove, etc.Be sure to complete an employment verification by contacting the renter's employer and confirm the details they shared with you, landlord verification (if they have a previous landlord), credit check, and background check.

Vaughn is 40 years old, has a Bachelor of Arts in Marketing and Business Management from Temple University in Philadelphia, and resides in the City of Tampa, FL.Ms.

@Jonathan LudizacaIt really depends on the market.

Trying to get a split level (not a lot of sqft) on the market in the next three weeks and trying to decide on whether to open the wall between the dining and living room for a feel of openness or leave it as I have heard from two interior designers that the open concept is on the way out as we are more at home and liking our separate areas in the home.Pragmatically speaking the opening of the wall will be mostly a time drain with it being a load bearing wall and having to support the ceiling while rebuilding and all the drywalling necessary.

-Interest rate of 5% is much lower than market interest rates. 7-8%+-There are no capex reserve considerations included. 5% is a starting point.

You should be able to use departing residence income from the market rent when qualifying for a new primary purchase.

Make sure to factor in insurance (slight change as rental), property tax (in our market is 2x a primary res), vacancy (3-5% in most markets), capex (old roof?)

It requires no money upfront, so you will join thousands of others trying to do the same in your market.

This will make it a lot easier to manage, will cost you less than buying on the market and typically you can get 1:1 rent returns.

I help investors find opportunities in the NYC market, specializing in residential and commercial properties.