My property is in a depressed area walking distance to the largest employer in the area which is a shipyard. 

@Chad VerdeInvestment strategies can be employed to achieve financial goals, such as house hacking, BRRRR, short-term rentals, real estate syndications, property development, long-term wealth-building, flipping, and debt paydown.

For both the applicant(s) and a co-signer, you want to understand their habits...financial, employment, legal, character, etc., as Bad habits in one area typically carry over to other areas, and will land you a poor Tenant (or co-signer) choice.

You can still pay for a service to do backgournd/credit checks and employment/rental verifications.Some states/cities have their own rules, so you need to know what your local rules are also.

A Solo 401k which is exempt from UBIT on leveraged real estate may be a better option if you have legitimate self employment activity. 

First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.

It's understandable that you're seeking to invest in real estate to secure your financial future.Background and Financial Situation:Given your circumstances of having $150k in cash from an inheritance, a credit score of 756, and a year of work history, you're in a relatively strong position to begin your real estate investment journey.Strategies Considerations:Out-of-State Investing:Investing in areas with lower property values and employing the BRRRR strategy can be a viable approach.

A previous Client and employer of mine came to me wanting to unload a property.

Lubbock just has healthcare & education as major employers.

Coz Strongsville has good schools, but less employers.