I know they’re an essential tool for analyzing a property’s financial performance, but I want to ensure I’m approaching them correctly.Could anyone share examples of what a good T-12 looks like or highlight key items I should make sure are always included?

Ensure that you check your state's regulations and requirements regarding security deposits.

Design a clause in your lease that complies with both and ensures you are protected.

If you have a loan, then you will have to get a new loan to buyout and ensure the other party is not on the loan.

It’s about staying compliant, keeping tenants happy, and ensuring your investment performs at its best.

You certainly want to vet your property manager to ensure they are focused on balancing asset protection with tenant satisfaction.

@John BerjIf cash flow is a top priority, factor in HOA fees (common with new builds) and confirm rent comps to ensure the numbers work.

You’re not required to rent to someone just because they look great on paper, but you should ensure that your reasons for declining them are grounded in business-related concerns (e.g., concerns over rental history or ability to care for the property, if documented).A good practice is to follow a consistent screening process for all applicants. 

Obviously, if you are just looking for LTR's there is a bit less risk there.If you're going to do it, make sure to fully vet your team tooth and comb and ensure they have a reputation worth something to them.

I checked the Better Business Bureau for complaints, I checked the NJ State Attorney General consumer division to ensure he was licensed, I checked every reference he gave by visiting sites and speaking with the homeowners.