Focus on projects that will bring a return on investment, such as updating the kitchen, bathrooms, flooring, and installing new appliances.

In addition to some of the great advice above, I would put some serious work into your personal household budget and building up a substantial (6 month) emergency reserve fund.

New flooring, new appliance package, paint everything, new tile...in this property, we added a mudroom and a butler's panty with a sink by just redesigning what was there.

The tenant segment we've targeted for over 17 years is families with elementary school-age children and a gross household income between $65,000 and $85,000.The only properties this segment will rent are:Type: Single-familyConfiguration: 3+ bedrooms, 2+ baths, 2+ car garages, 1,100 to 2,400 SF, one or two stories, lot size 3,000 SF to 6,000 SF.Rent range: $1,800/Mo to $2,300/MoLocation: See the map below for the areas where our target tenant segment chooses to live.What has been our results following this process?

@Joe DerobertisThe median household income is $18,508. 

Also, explain how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

I have pre-qualifications questions but they revolve around number of occupants, household income, vehicles, pets.

They are all quality tenants making at least 15k a month and seem very enthusiastic because the unit is fully upgraded with high end finishes and appliances with private garage and backyard.

I have two applications from the same household.

There is huge cost leverage in population density: from over 1,000,000 per square mile in a big city to 20,000 in the suburbs or 1500 in a small town, just think about the cost of roads per household.