You run a background check and verify application and you make them both liable for all rent. 

For example, I mention that every adult must pay a $XX application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

Are there tools (i.e RentRedi) that you recommend using for LTR tenant screening, rent collection, background checks, etc?

This is all part of the process of being a landlord.How are you accessing background checks?

Background on me: I need to obtain a graduate degree for promotion at work, but it can be in any field at low-no cost to myself.

Quote from @Adriana Medina: I told the prospective tenant I was going to complete a background check and she said it should be clean. 

With your background, I have no doubt you're starting on the right foot.How many properties are you planning to start with?

Do you collect security deposit, sign a rental agreement, background check, etc?

I have a strong background in sales and business development, with years of experience driving revenue growth, building high-performing teams, and closing deals.

Speak to lenders, have a nice package together: they will want an SREO, your background, your assets/ income etc, they will want your "business plan", your underwriting, your capex breakdown line by line.