If you haven't connected with local people in your market there are several methods here.  

Here is the Collin Hays method of buying the property at what you want to pay:Don’t ask the seller what their best offer is.

From there, you can move on to the BRRRR method with single-family homes—buying undervalued properties, rehabbing them, renting them out, and refinancing to pull out your investment for the next deal.

House hacking is the best tried-and-true method for new investors in my opinion.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

I wasn’t trying to be long winded, with too much detail, in my initial post but I actually did this method on a fix and flip.

Quote from @Stuart Udis: ....But I set the goal of acquiring 50 doors in the next 3 years using the BRRRR method and will then be financially free...isn't that a scalable business :)We see the above type comments from not so experienced investors or business owners all the time being posted on BP.  

Does anyone have a template or method that they use in order to screen tenants effectively in order to reduce the risk of non payment and damage to the property? 

I have some of the required funds in a HYSA, but will most likely need to draw from another account and I'm curious which method is the most efficient in terms of taxes/capital gains, penalties, loan repayments, etc.Based on my previous transactions in the market, I estimate ~$45k cash to close: $20k for the down payment, $15k for closing costs and prepaids, and $10k of starting reserves.

Also, it often helps to connect with a local agent/do extensive due diligence on renovated/new construction properties to see what the property may sell for or appraise for (if doing BRRRR method) as that can impact the price you should pay.