@Stefanie R.If you try applying by yourself with no source of discernible income, you'll have a difficult time getting approved.

Therefore the next wave will come over time like a tide and not really be discernable like the recent tidal waves.

For you to ask question and try to discern.

A word of caution to readers: if you are considering something like that be sure to do further research and read opinions and studies or independent parties (many studies and marketing out there is by companies who sell those products and are biased and you have to exercise discernment to sort out that junk). 

I would look at the original term of the lease, without options, and if they have been there for 8 years, and traffic is good, then you MIGHT be able to discern that they would want to stay.

Then we'll either keep it and rent it out or just hope that it appreciates enough to break even.I'll be able to be more discerning on investment properties once we're settled and I understand the area better.

Now the older home drops its price, and suddenly my enthusiasm is rekindled.In such a situation, are you telling me the buyer's agent who shuttled me all over Orange County, whose discerning eye talked me out of offering on money pits, will get nothing if he brokers a deal for me to buy a house that I had originally seen without him. 

It is up to you to determine the local vibe and discern what is needed/wanted.

How do you discern who these people are?  

Although in that one's defense, they started out great and full of quality but they grew so fast they couldn't keep up and everything went down hill.Anyway, Anna, it is very true that you can get in a pickle if you don't have a working knowledge of what is involved in a rental property, at least to the extent of being able to discern between the good turnkey companies and the bad ones.