Figure out what rent would be in the area.

Aside from that, there are DSCR loans out there that cater to first time homebuyers, some that even allow those that live rent free to purchase as well.

I looked into this at more than one occasion, because Milwaukee has such an old housing stock, everything is 60-120 years old.Most of the new apartments we see are 4 and 5 star developments with very high rents, this allows to offset the high cost of construction a little better.

The fear of renting while out of town is common, but it's easy to overcome, especially when you have friends and a handyman.

Given the lack of activity / buyers in the market at this time with rates, would you reccomend holding and renting it until the market is better to sell in? 

Even with guaranteed rent, it's important to thoroughly vet applicants.

What will the rent be?

Here in TN we issue POQ within a couple of days of rent being overdue, usually giving them 14 days to correct before official eviction proceedings start.

@Tamika Davis One of the biggest advantages of most software on the market is to complete these tasks you mention (maintenance, leases, rent collection, etc). 

Because not only did I think the house would appreciate, I thought the rent potential on the property was huge.