The repair was extensive and costly, requiring excavation (about 3x6 feet) to replace the broken section and clean up the mess.

Unfortunately NY requires a RE license to wholesale in the state.

The standard rule is $250k per person who legally owns/occupies for the 2/5 year requirement. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

I require all of my prospects to fill out a Google form that I link to my job announcement.

They are not required to be notified.

In fact, the more issues that arise, the more profitable theses properties become for the ancillary service providers....and you want to know why these investments are pushed aggressively by so many (besides of course requiring nothing more than a pulse to buy them). 

You need an income that meets three requirements:Rents increase faster than inflation to offset constantly rising prices.It must be reliable; it continues even during economic downturns.It must last throughout your lifetime.These are all long-term requirements, so the current interest rates are not the major issue.

How are you handling the new LAIC requirement in Cleveland?

“Broker” is a legal term that often requires standardized coursework and a state license.