For my units, I usually look for someone with annual income 40x the monthly rent so I know they are financially secure. 

Quote from @Phillip Austin: There are two alternatives to a security deposit, which I speak about in my book.

Purchase price: $420,000 Cash invested: $55,096 Purchased a distressed single-family home in Antioch, CA, using the BRRRR strategy to create $141,000 in equity and secure a cash-flowing rental property.

If you can save up 20% down in a low-cost market like Cleveland, you could use a DSCR loan to secure financing while you still don't have any stable income. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Quote from @Jordan Kaylor: I'm new to real estate investing and have secured a HELOC on my existing home.  

Generally, the coverage of the policy will state; “The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.”

What's more, the PM should have gone over when the unit was vacant to make sure it was secure (and lights and taps were turned off). 

He even tells us not to do business with seniors on Social Security or with newbies, but he has no qualms of ripping me off on Social Security and a newbie!

If you have the time to devote to it, direct to seller methods can be very effective, but will take ultra-patience and intensive work.