Finally you might want to look into any of the several websites that allow landlord to collect money electronically that tracks payment history etc.

I've stated that I want them to stay, as long as they have a good payment history.

So if you want to be thorough in your screening, then you must get a full credit report that shows the address history for the applicant.

I live in Oak Park, IL, so I am next door to both Cicero and River Forest, both of which have an alleged history of the mob.  

I already wasted hours for the few days showing the condo to people who didn't even have a credit history.  

Here's my thinking:1) Creating an LLC for property management (PM) would establish a solid business history for the LLC and make the LLC to be a better candidate for obtaining credit and financing within a few years if I wanted to later purchase or hold title to property under the LLC.2) The LLC would have an EIN which would enable the LLC to open/maintain its own checking account which would receive/maintain rental income/deposit separate from my personal accounts.

Your only real leverage is the daughter at this point and her interest in not messing up her rental history.

I'm currently in Southern California (Inland Empire and Eastern part of LA County) and have been trying to get a property to flip, but not quite finding the right one (or my investor goggles need adjusting so I can see the deals properly).  

@Jay Hinrichs,The concept is based on "micro-lending", or collecting enough lenders / credit cards to accept enough small portions of the risk to add up to your desired goal.Of course, multi-million dollar goals are going to be limited to established S/C-Corps and/or LLCs with strong credit histories.

If something didn't check out comfortably that we would look for in any prospective tenant (say, criminal history), we would not be obligated, correct?