Another pitfall is under improving properties in low income areas believing that since its a depressed area in terms of income the people will not have high standards. 

I didn't realize you held such a high honor of esteem! 

Someone with one newer aged rental, who has a rather high income, such as a surgeon who lives alone comfortably with a lot of disposable income, could possibly carry less than a Mr and Mrs just starting out, with one rental that they bought as a turnkey in a more downtrodden neighborhood in a different state.

I have a husband and 2 kids and I promised my son we wouldn't move again until he has graduated high school (3 years).

Plus many hotels in the more nature-y places have non-refundable policies in place anyway and their rates are just as high.

If they won't provide you that, just assume very high on everything and lower your buying price.

This will impact your timetable.

Keep cash on hand and don't put yourself in a position where if your tenant needs a new roof or AC unit right now that you'll have to put it on a high interest credit card.Second, I realize that everybody's experiences are different and so is everybody's unique skill set. 

Lending is a highly regulated, complicated endeavor, and it's important to know all the requirements for licensing, etc.

In their favor:As homeowners and landlords they should be more reasonable and take better care of the place.Steady income with SSI and willing to hustle when they need more.They are motivated to make it work, offering more and reasonable concessions.If there is no carpet there would be less impact by dog or bed bugs, if either go worst case scenario.Not in their favor:They may be renting as a temporary situation until they can find where they really want to live long term, so they may not be a long term tenant.They are not familiar with the neighborhood, other than school district quality, so they may not be a long term tenant.What I would look at more:How long have they all lived at previous addresses?