IE becoming a MFR landlord you do need some training.Its just like when you buy a franchise you have to go to their training so you learn how to cook the burgers right and so on and so forth.

Hi Michael, I have found value investing in Cleveland, OH because it is home to Cleveland Clinic, lot of good neighborhoods, landlord friendly laws, stable appreciation and good cash flowing properties.

These are great places to invest where prices and rents are favorable as well as the landlord laws. 

Instead, focus on verified income and ensure applicants don’t owe previous landlords or have prior evictions.

Also, can you say more about landlord vs renter’s policy on insurance ?

A local couple who’se combined income is 300K and who sponsored the family’s immigration to US is willing to be co-signers for the family of 5.I am thinking that Party2 will put more miles on the house and may be harder to deal with in case of any complaints or eviction, though I am not an experienced landlord so I am not sure what are the factors to evaluate or what all can go wrong?

I've seen many landlords that get lucky with good renters for a long period of time, then everything falls apart when they have to deal with real difficulty.I looked up your property on Google Maps, and the street view looks bad.

Know this: the #1 reason why landlords fail - failure to manage to the lease (source:  American Apartment Owners' Assn). 

There are so many landlords that never update their lease or other documents.

A small landlord may be better off with a relationship based approach while a large landlord may not be able to do that or reap the same benefits.