Like @Joe Fairless I use rentlinx, and I also use postlets.comI get a lot of referrals from existing tenants also.I'm pretty specific in the ads about application fees, deposits and background checks.

If not just get a renovation plan together with your construction team and go to the Building Dept. in the town the house is in and tell the building/code official of your desire to renovate the home to a safe and livable condition and obtain the building permit applications to start the project once you close.Fannie Mae for me has allowed 7 day inspections although they have never renegotiated a price.

What pops out of my mouth as we're walking away with a tenant application is . . . do you think the owner's open to a seller finance sale?

As I started using the software I started reading how we could have tenants fill out applications online, and all we had was hit the convert button and we didn't have to go through the hole process of putting all the information about their families in as well.  

So how does it work do i have to submit an application and wait for a reply or do they provide me the info on the spot?

The website set up cost me $1000 and nothing else.As I started using the software I started reading how we could have tenants fill out applications online, and all we had was hit the convert button and we didn't have to go through the hole process of putting all the information about their families in as well.

There are a number of qualifications we look for in an applicant such as: Leadership or Managerial ExperienceHospitality/Food/Retail ExperienceInvolvement in the local communityCustomer Service ExperienceFinancial StabilityPassion for the brandProven track record of successBusiness SavvyTwo Partners**Please note Tim Hortons franchises only to individuals who will be hands-on operators, not to corporations or passive investors.

I guess the 2% rule would be applicable here.  

We have numerous applicants, none of which are knights in shinning armor.

In addition to the expenses you mentioned, (mortgage, vacancy, repairs) consider:Property taxesRental income tax (if applicable in your area)Utility bills (unless tenant pays)Property management (unless you'll do it yourself)HOA fees Advertising (when vacant)Best of luck to you!