So we have chosen this path.During our search for our first tenant, we realized how real estate can also be a venue for helping people and their families.

Why have you chosen not to do so?

A way you can do this is by researching the population growth, employment, type of housing stock, costs of ownership, etc in each market.Once you have chosen the market you want to invest in, thoroughly study it.

It's the business I have chosen.  

The inspection sometimes if you do not buy that property they will give you a reduced price on another property.The appraisal can be very expensive if it is a lender chosen contact.

Any opinions...this would be in the instance there are multiple applicants for a single property and only one is chosen...

If there are multiples I let the chosen applicants know the place is theirs, as long as they complete the lease signing process and pay the security deposit, and any other fees needed. 

I pay the contractor or subcontractor based on jobs completed (typically in three draws), and I make sure the materials are chosen by me or by a designer (low cost) if high end.Once everything has been detailed, I send the contractor to home depot to pick up the materials as needed (home depot usually calls for my credit card when the contractor is checking out) and the billing for materials is handled through my home depot card. 

There is the type of property, the debt, the chosen entity structure, and the exit timeline that affects everything.  

Every time I've chosen a poor tenant, I had done so because I was getting antsy to get the property rented out.