You can also screen applicants (debt-to-income ratios, income verification, background checks, etc.) through tenant-screening services such as TenantVerification.com, ScreentheTenant.com, e-renter.com. 

Technically there are FHA programs for 5+ units but not the kind you're thinking of.  

A bit of background first; Myself and my friends are about to finish university, and will be working our first 'real' jobs beginning in 2017.

Your background might be useful in managing others and help you get rehab/repairs done.  

PS: I send a copy of the lease to them as well as a house information sheet when I approve their application, before they pay for and submit to the credit and background check.

I have application with clean background checks and credit score of around 680Income to rent ratio is 2.5.I have asked for a consigner.However I am wondering if There are any other options worth pursuing to mitigate the risk - such as ask for 3 months rent as deposit instead of one month ?

So I have a three unit with a basement that was previously used as a daycare center, so it is technically refinished.

I have recently moved from northern to central Indiana (Hamilton County).My only real estate background is the house I owned in my home town. 

Cory Baker wow thank you for all the background info because it really shows what you have to do in this industry.

Welcome.We have similar backgrounds leading us to REI in terms of construction and commercial real estate.Out of curiosity - are you looking more for strip mall type properties or mid rise properties?