I'm a relatively new Las Vegas real estate investor with a background in low voltage.

Previously, I was a real estate broker and CPA, with a commercial real estate background, but dabbled with residential investment properties.   

This doesn't allow you to screen the tenants but it does give you some control that the current verbal agreement does not.You can require that they complete the background check if they stay as well as executing a new lease.

Other than that I have no background in real estate, but would like to get started in the industry.

Hey All,My name is Duane White, my wife and I really have no background in real estate except learning from books, BP and couple of local real estate investment clubs, plus a lot of courage determination and willingness to learn to help us along. 

As general background, hedge funds are normally structured as follows:Management Company --> oversees and manages --> Fund (a collective investment vehicle).

It does credit and background check and I set it up where the tenant pays for it directly, so I don't have to ask for an application fee.    

As background info, my first property was a house with a garage apartment so I have been tracking those 2 units separately and reported them separate to the IRS because they not only have separate addresses but they are physically separate dwellings despite 1 mortgage payment, etc.

Then a brief cleaning of the floors and three coats of Varnathane to make them quite beautiful again.  

One other tip to go along with that is to do a background check on your PM.