You typically need up to two years of stable employment before a bank will loan to you.

I use the 3x rent for my first barometer, steady employment, good credit, and of course 3 years of rental history.

I'd have them sign my own lease on renewal and I'd make sure I had enough information on them so I can go after them if a legal issue arises such as employer and other similar data. 

But if employing your family works for you and for them - great, go ahead.

I'd definitely recommend considering the Columbus OH market - it's got strong macroeconomics with major employers coming in and developing here, steady population and job growth, and prices that still make sense for cash flow.

realities of being self employed.. 

Due to my W2 employment I cant have any bad/negative personal debt.

Verify credit, employment, etc for you. 6) I would definitely want noise (quiet hours), guests, and treatment of common areas covered. 7) We've used Rent Manager as it focuses more on the financials which I think is super important.

Only invest in cities with significant and sustained population growth.Lasts throughout your lifetime: For your rental income to last, your tenants must remain employed at similar wages.

But if employing your family works for you and for them - great, go ahead.