Unfortunately almost every franchise involves renting the occupied space when the property would have made more money than the business.

You definitely want to use a thorough screening method like rentprep.com that gets their income, credit, background check, and call at least 3 references (make sure to verify them by address/job and then their name).  

That will involve settling on your plan for renovating.

@Treza Edwards "I am reading the Rental Property Investing book and implementing the method that focuses on cash flow and that strategy states you need to have $300 cash flow per month, per property.

What's the highest success percentage method to find a previous tenant's new address for this? 

We've also advised this method to our investor clients that borrow from us.

HOA management for a bunch of peripherally involved out-of-town investors is probably a great opportunity pass along overpriced contracts to your local buddies. 

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

Definitely do more research on the BRRRR method as that sounds like what you're trying to do.

That may or may not involve a trust.