I have client from my massage business who is a contractor, who can help me do repairs at a discount. and I plan on doing some clean up myself. 

Advise the tenant that you are very serious about rent collection and do not ever waive late fees.Procedure for allowing a pet or clarify that they may never add one.Where the electrical breaker box is, main water shut off and instructions on how to operate.You should have most all other policies and procedures codified in your lease agreement. 

There is a risk with any debt but there is also risk investing with cash only such as inflation eating it away and the bank procedures also assist as an extra pair of eyes on a transaction.

Tell them you are not used to any standard procedure and it’s not always common for an agent to talk about “standard” negotiating procedure before locking up a deal.

You can try a flip and improve your procedures on the next flip.

Our screening criteria has not changed, while our leasing/showing procedures have.

Make sure you and your potential partners have this discussion with your accountant to ensure that each of you have a clear understanding of each partner's responsibility and obligations under the partnership agreement in addition to the accounting and tax reporting procedures. 

We have a lot of operating procedures, and they use that.

However the advice I would give you is get your hands on the legal procedure for foreclosure and tax arrears in BC and read through that.

Just directly state it is part of your screening procedure?