If their deal goes bad, you could foreclose on that property and hopefully recover your funds.

So for example, rent is due 12/1, considered past due 12/6...post that letter on their door on 12/6.

On the MLS or from off market deals from realtors/wholesalers.3.

I imagine there are some people on here that have used small business loans for this type of business or any business in general starting out.

@Vinny Muli - it is VERY hard but not impossible to get an equity line of credit on a non owner occupied property. 

Like Michael mentioned if you are just reporting on schedule E/C on your personal return- a balance sheet isn't required; so full double entry software isn't required (but still helps). 

Based on this I am considering going naked in regard to EQ coverage for this specific property.

The lease starts once you close on the property, collect rent, security deposit, etc. 

Setting your aim on a more specific part of CRE might help you find someone easier. 

It depends on various aspects like how involved you want to be, how much time do you have, do you want to do renovations and select tenants yourself or are you happy to turn all of this over to a company that does all of this for their livelihood and just grow a portfolio with them?