A wise investor will not try to get rich quick with shortcuts.

I suggest talking to other landlords in your area or up-to-date on the current landlord tenant ordinancesHere in Chicago (Illinois) there is no limitation on income stipulations for screening and as other said, there’s no federal stipulation either.Like @James Wise, I would move onto the next tenant without blinking an eye!

A wise investor will not try to get rich quick with shortcuts.

This would be our first mortgage, and we're wondering if it's wise to pursue this specific opportunity or find another one.

Other wise your listing is going to sit and not move and you probably are going to sell for a lot less because you have far fewer people looking at it. ?? 

@Harshit Tewari You are wise to be concerned about the tenants damaging the property, but what specific background check documents do you think will save you from this issue?

Just got to shoot those bullets wisely, and play it conservatively but money should definitely be deployed I firmly believe. 

We’re considering buying a home in Texas and converting it into a rental when we move, but we're unsure if that’s wise since we plan to settle in Florida in a few years.

Sounds great price wise but these are older renovated homes (renovated by the seller). 

I just wasn't sure how the CSA and accelerated depreciation would be impacted should I convert it to a personal residence 2 years after the rebuild.Sharing this clarification up front would have produced better targeted responses.When you convert a rental property to a residence, nothing happens tax-wise.