My expertise is property management & I could help you with how to choose the right property management company, but it appears you are planning on self-managing.

This is why many buyers choose to pay cash even if they don't have to as they want their cash to be invested indeed, especially given the current inflation.

Keep the wood (or sheetrock if you choose) an inch or two off the floor to not wick water.

Yearly bank fees for each, aka choose your bank wisely.

Other than that, you can prepare a simple notice letting them know that you thank them for applying, however they did not meet the criteria, and you can choose to tell them it was based off of their credit, and or background or simply just say that the minimum requirements were not met. 

Do I receive video of my pre and post make ready?

If Toledo is somewhere you choose to invest and you have any other questions, please feel free to reach out!

Many youtube videos on the concept will help spell it out for you and give you confidence to proceed. 

So first, I'll answer your question then I'll tell you what I would do if that matters or you care.1) I don't see a need to choose one or the other. 

Most people that scale also choose one strategy to start with and scale in.