We're in the process of getting our systems and team in place and really starting from scratch.

Where do I begin to learn about the cost associated with the 3 - 6 months of expenses and the inspection process? 

Cut your losses the first time they miss a payment and start the eviction process.

So far the process is simple. 

Could you explain that process?

This allows you to report the rental income and expenses directly on Schedule E of your joint tax return, simplifying your tax filing process.

Are there any unique considerations or red flags you look for compared to the traditional rental process?

Since getting started we have learned a lot and have built quite a few systems and processes to increase efficiency and maintain consistency within our business. 

This would be an easy decision however I do not think you can come close even with you being active in the process.  

The best strategy I seem to have deployed so far was to contact all my current tenants and let them know I’d give them a cash referral fee of $250 for anyone they recommend to me that goes through the vetting process and successfully moves in.