My scoring criteria is clearly spelled out in writing and I use an objective score sheet to determine approval or denial.

As @Tom Gimer and @Peter Walther write, why wouldn't they isure is a vital question. 

Besides this, rather boring, pastime of writing code, I also happen to be extremely passionate about real estate, more specifically multifamily and I decided to launch a new project to develop an MVP of software solution that is tailored to the needs of property managers. 

All you do is write a lease and collect rent.

If you are the LL, either an attorney can write one up pretty quickly if it's a complicated lease with special provisions, or your State Association of REALTORS should have a promulgated form you can use (I've had people pay me $150 to write on up for them in Texas where I'm licensed). 

Avoid the capital gains and use your Shedule E, LLC or business returns to offset passive income with great tax deductions and write offs.A fix and Flip can offer a good way to get some fast cash and deal with taxes in aother manner but again its still not the long game I think works best. 

The AZ law about wholesaling requires real estate wholesale sellers and buyers to disclose in writing the fact that they are acting as a wholesale buyer or seller in any residential real property transaction.

But when you run the income numbers including  the other write offs 4 will outperform 1 every time.A 3% gain on 1 - $100k house is $3,000/ year.  

I am exploring the possibility of not only fixing things but doing a renovation to bring an old half bath into a fully functional bath, renovate the entrance and foyer among other things and possibly even an addition to the house.

Write an insurance contingency into the offer.