With a business you need to start with a Business plan next you need policies procedures structure and a clear vision of how you’re going to scale the company.

The agreement should state what happens should the tenant not pay their rent and eviction procedures.

Some of the applicants I have are students without much of a credit history. when the parents are willing to cosign, whats the procedure to do this?

But trust me when I say ... taking a FULL WEEK to do nothing but perfect your business’ Standard Operating Procedure will pay dividends in the long run.

It is very easy to simply sue the tenant in small claims court for your damages, go to court yourself, obtain a judgment and then follow up with a wage garnishment or bank levy.The District Court has helpful information, the procedures are easy and it's extremely inexpensive.

The reason I’m confused is that I know to run comparables for single families but what’s the procedure for a abandoned store or building in a neighborhoods?

This procedure is completely reversible and changeable until the current owner dies. 

After you have decided your software - you need someone to set up your books, give you a process and procedure.

Just evict them through your normal eviction procedure.

Assuming you collected a full month for the deposit, you're still losing the cost of utilities and now have to start marketing it again.Second, your policy should have procedures for cancellations and failure to take possession.