Dropping your rental rate and remaining competitive in the market, will attract the right tenant based on your initial application and screening requirements.

I would recommend targeting 30 day minimum rentals (Most associations are 90+), allowing 12+ rentals per year (most allow 1-3), and no in-person screening for tenants required.

 @Patrick Pan not all states take such measures, and you can ask a reputable tenant screening company in your area how that works.  

I suggest you enter private money goldmine in search botton at top right of the screen and read the previous posts....here is one that gives good perspective as well as a link to legitimate private lenders.http://www.biggerpockets.com/forums/92/topics/1488...

Larger cities offer better infrastructure, such as international airports, interstate highways, and a broader talent pool, making them attractive to businesses and tenants.Avoid Rent ControlRent control laws can hinder your ability to adjust rents to match inflation, limit tenant screening, and complicate evictions.

We're trying to best screen the applicants and my original standard was 3x monthly income and credit scores of 650+.I recieved my first applicant which is a group of 3 (couple and their sister).

It's always important to screen anyone you are doing business with. 

At the end of the day we can screen our tenants all we want, but cannot control what people do.  

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

They’ll handle tenant screening, maintenance, and rent collection, ensuring things run smoothly while you focus on growing your portfolio.Ultimately, starting local and self-managing is a common path for new investors, but outsourcing property management or investing remotely can work well with the right systems in place.