To add to what was mentioned, I would look at the maintenance history of the property to see what repairs have been made that are more capital in nature (say, new counter tops or kitchen) versus an ongoing issue (plumbing backing up every few months).How is the insurance search going for you as well.  

Consider more than just rental income, such as, prior tenant history, civil and criminal background, employment history, number of occupants for the size of the home, desired move-in/move-out date, etc.

Note: I did have one client declined by them because they had two past home insurance claims in their history so it seems they are looking for low risk clients only. 

You only need a place to track tenant information, payment history, maintenance, etc.

Verifying last 2 years of rental history very important!

I would add, make sure you have good landlord resources as you enter into the landlord domain-lease agreement fitting your situation-resources for your tenant application process -needed landlord forms and notices-education resources-management tools (e.g. software to keep all records, pictures, payment history, etc.)Best wishes.

However, there isn't a strong sales history, so we are going to pass on it.I have another deal lined up that I plan on purchasing in the next few days.

Cash our re-fi later with long term tenants with excellent rental history and rent appreciation.

We live in one side and rent the other to a nice family with kids so our daughter also has friends to grow up with.

We get a credit report (which will show criminal history) and we ask for at least two prior landlords as references.