The struggle comes when you plan to sell, pay close attention to how the bank would treat the loan in the event you would sell.Even though its a bit more work, banks are typically open to these loans as it provides them with additional collateral in the event of default.  

@Jim LynchSome typical minimum tenant screening requirements look like the following, but it depends on your market:-Renter has a gross monthly income of 3x more than the monthly rent-Minimum credit score of 650-Renter must have no prior evictions-No felons (or other notable criminal history)There are a number of different tenant screening softwares out there such as Zillow Rental Manager, TransUnion SmartMove, etc.Be sure to complete an employment verification by contacting the renter's employer and confirm the details they shared with you, landlord verification (if they have a previous landlord), credit check, and background check.

Hi, I am keen on a property but checked that it uses Oil for heating (instead of the typical gas or electric).

The capital stack especially in CA is VERY complex and typically involves everything and more that you mentioned.

Lock-out, should they continue to not come even, would be typically less than 14-days.Unless the tenant comes even with the rent (which would result in dismissal of the non-payment of the case), there is generally limited defense to this process.

------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I get a lot of applications from out-of-area people, typically moving from another state.

The typical fee they charge up-front is $4,000, but they were able to get $5,000 out of me because I was new and nieve to the commercial lending agency. 

Grabbing attention while highlighting your best features is key.

I have a property on the barrier island that I do not want to list on MLS but I am interested in connecting with realtors or investors who typically sell or buy pocket listings and may be interested in this property.