Per SmartMove’s terms of use, each applicant being screened must verify their own identity.

On the other, the foreclosure tanks credit and could cause an applicant to not pass a pre-screen process. 

I've had good luck with SmartMove for screening and online payment too.

@Charles S.The 50 % Rule States: That 50% of gross scheduled income (GSI) goes out over time to cover expenses not including debt coverage.The 1%, 2% and the 50% rule is meant to act as a quick analysis tool, to insure the deal is actually deal.

Sara has already covered some of the above]

@Jen TeskeI don't know the area so I can't speak about the market you're in, but just by looking at the #s, you're missing a few things: Water, Sewer, Heat, Electric, Gas, Trash, Lawn/Snow removal, Cap Ex, Property Management (even if you're self managing, this needs to be factored in if you want to scale), and although you did include vacancy, if a real vacancy were to occur on a SF you'd have a 100% vacancy, making it negative cashflow since you'd have to cover all the expenses, not knowing when it'll be filled again. 

As long as 75% of the rental income covers the mortgage payment (PITI), you are good.  

Also consider if the rents you charge would cover expenses if you were to live in one of the units.

I have a potential tenant I'm screening who is moving from out of state for a job.He has asked if there is another way to pay the deposit/1st months rent other than cashiers check or money order because his current bank is not here in my state.Before I respond to him I want to ask on BP if there are other secure options?

After looking at softwares and excel based on your recommendations, I decided to take on the challenge to create my own excel sheet that covers Income Statement, Schedule C, Estimated Taxes based on the current tax rates.