We are currently working on screening tenants for when we move out of our duplex and, once we get settled in our new home, will be looking to find more rental properties. 

However, that means we have never done tenant screening before. 

Buffett says, "Buy when there is Blood in the Streets."

We obviously then fixed the contract and screened our next tenant the best we could and he has been awesome!

This market may not be the best entry point for a newbie--screening tenants is a skill that is learned over time and it is absolutely critical to success for this type of property.  

One of the keys to terms deals (lease options, lease purchase, sub2, wrap purchases, contract for deed purchases, etc,) is to have a good contract attorney and be careful about screening buyers. 

This, of course, assumes folks read the ad.If you use the same criteria in screening everyone then no one can come back and claim you showed favoritism to one applicant over them.Gail

Keeping the mortgage low enough for less than all three being rented, with give you flexibility and allow you to screen roommates and allow for turnover.  

Versus this, top to bottom remodel for hassle free on a older house and trust property management to screen well?

Versus this, top to bottom remodel for hassle free on a older house and trust property management to screen well?