Basically I just want to be the investor, pay a small fee for it to be managed but in the event the borrower happens to foreclose then the property would still go to me because I’m the investor?

Basically I tried to get a little creative on the due diligence, because the bank wasn't too much help. 

Not saying I would have done it, but I would have considered it.So, basically, the moral of the story is that you’re in a pretty good position either way.

She has a full time job and we have 3 kids, so I found other things she enjoyed about real estate to get her involved (and talked about it constantly).For example, I found she loves looking through the MLS and driving for dollars together, so I really latched onto that. 

I have received much interest, and decided to just have an open house for a few hours to show the place to prospective tenants and collect applications, rather than trying to meet with individuals one by one (so I'm not driving across town everyday for a showing and dealing with people who are no longer interested, not qualified, or don't show up at all).

But, I am wondering has anyone put together a basic or advanced checklist for people to get started with?

Drive by, street by street to get a good feel.

The regulations are basically 1) You must be the permanent resident of the unit you wish to rent, 2) You must be registered with the City as a business and as a short-term rental, and 3) You may only rent 90 unhosted nights per year.

Driving for dollars, attending REIAs, you name it and I've most likely dabbled with it in some form or another.

These are basic mistakes.