Im a bit nervous of being a renter for the first time because I'm not exactly sure how to do it like; the legal things I need to do, if the house is in a good enough shape, if have enough money to start, and if I should get a property manager or not. 

There was LOTS of interest on the unit but we made a good enough offer to lock it in.We are using hard money to complete the rehab process and then will be using conventional money for the refi (target is within 4 months). 

That should be good enough, this isn't worth the baggage at all.

I would waive inspections if i knew i were purchasing a real "cash cow" because if the deal is objectively good enough fixing the mechanicals might still be worth it.

The 30 year fixed rate loan would be a better fit for this purpose.You might be able to think of some other scenarios but hopefully this concept is good enough to know the difference between the two. 

Either I need a huge amount of money down (one lending company said I need $50k down for a 100k property) or my credits not good enough.

And even that is not good enough for me, they have to name our company, our client's and its officers and the address of the work site under a Waiver of Subrogation, meaning that if something and everything that is going to happen in the worksite, regardless of who's fault it is, we are not liable.

It was good enough when they moved in and while it was only 1 day of install it is pretty disruptive replacing flooring and having to move things around especially since it seemed they were not willing participants from the start.

I figured if its good enough for high traffic, its good enough for a rentals and I havent had a problem yet. 

Having an entire brand as big as BP ride on the back of one individual is bad business, they need the intellectual property out across multiple hosts.For this purpose the requirement isn't to be great, but good enough, which David definitely is ;) ;)