@Andrew Gingerich It really varies from market to market, but desirable properties in desirable areas are routinely trading in the 3% and 4% cap rate range at this point. 

I'd do the regular routine of tradelines and charge cards to build some credit. 

I routinely train real estate professionals around the US on tenant screening and I'm incredibly passionate about best practices in tenant screening - so passionate I founded a company of which tenant screening is one of our core features.TurboTenant uses TransUnion (SmartMove) screening data - widely considered to be the leader in tenant screening data.  

I want to include routine inspections in the lease agreement, thoughts?

In any event, the area routinely goes through ups and downs. 

@Daniel T Stockman I like these too but routinely change the batteries about once a year.

I suspect that "their collection agency" is just an independent collection agency that they routinely place business through.

There actually is a lot of enforcement by HUD for extenuating circumstances loans thanks to the HUD office of the Inspector General who routinely audits files where a borrower has multiple FHA loans. 

If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio.

We routinely go to detroit DTW metro area for work trips with our lenders and the town is a lot nicer than the movies (8 mile) give it credit for and sure theres the "mile" streets which are pretty rough but the suburbs around DTW are some really nice areas.