Rent cannot be more than 50% of income, 59% if it is non-taxable income.

Give proper legal notice of non-renewal and get them both out.

What is the most important factors when considering passive (or even non-passive) real estate opportunities?

If you are in a state where eviction cost is high and it is tenant friendly you may need a higher credit score to offset default risk and eviction cost.If you are in a landlord friendly state where it is easier to get non paying tenants out you may be able to handle more none payment risk.  

Does anyone have a template or method that they use in order to screen tenants effectively in order to reduce the risk of non payment and damage to the property? 

You are selling the business itself and with the sale of the business, the electronic assets get included.I've heard of people doing this exact thing to circumvent non-transferable agreements.

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

Those non-cash expenses definitely helped us out during tax season.2.

A few comments from my perspective (and after reading @Dan H. comments):I agree with Dan, and view this as a negative cash flow property as well, given that more than 20% down was necessary to make it work with what I suspect is a non-commercial 30 year note given the interest rate. 

Texas is non-disclosure.