The house is in NJ.I  would need to do the background/ criminal and credit check for the new tenant.

For instance, in the Soviet State of Washington, it is a criminal act, Yes, criminal act to contact people who are in foreclosure, who are in default or who THINK they may BECOME in default. 

And people are actually using it - for things like international remittances (though you need to liquidate it pretty quick given the volatility). 

Hi Darren,Diane and Michael are correct; under Section 121 of the Internal Revenue Code you (as a single individual) can exclude $250,000 of capital gains from your taxes if you have owned and resided in the house as your personal residence for 2 out of the 5 years prior to the date of sale. 

Can you recommend a company that can provide credit, eviction, criminal, background check on applicants?

There is a specific exception in the Internal Revenue Code for rental activities, so self-employment taxes will only apply if you transform the activity into a non-rental activity (by providing substantial non-rental services).

If you are offering nothing to yourself as the sponsor then less motivation to find great deals.Essentially you would be playing with people's hard earned money to try and gain some experience which would likely be bad.Why not intern while in school at a commercial firm that has a fund or is syndicating with a focus on their capital raise department?

Buying single family homes, especially as an international investor, is foolish because of lending, property management and other operational issues.

Having great interns to strengthen our team and our bandwidth3.

My company does not lend to anyone under 720 credit or anyone with a criminal record to start.