There are certain criteria that every deal should meet to qualify it as an acceptable risk and keep it out of the danger area.

One of the most important things to to properly screen all prospective tenants and don't be quick to accept someone that doesn't meet minimum criteria.

I have a checking account where I accept rental payments and fees.

Where I invest there is also an attorney approval contingency, so sometimes as long as I can get into the property the next day I can make a sight unseen offer even with no engineers inspection contingency, get it accepted and then do my walk through the next day. 

Social media, craigslist, zillow, etc. 

I have been trying to discover a meaningful method to read the areas social structure, economics, etc. 

If they meet your basic requirements but you failed to rent to them because you were holding out for someone better, it will look like you were holding out for someone whiter, or without kids, or not Jewish, or whatever.If you have two applications processed at the same time, it's justifiable to choose the "best" applicant but you need to ensure you can prove your decision objectively.The best, most professional policy is to have qualification standards and accept the first applicant that meets those standards.

BP,I have a short sale accepted by the owner at $56k. 

They denied it and accepted three other offers before finally accepting mine.

I frankly just don't know what is considered acceptable or looked down upon in this type of situation.