If you want to spend 40k on training, I have a course for you. 

Whatever you decide to do, you may want to have a documented business process for accepting, reviewing and approving applications then issuing leases that you follow so that you provide the same treatment to all - Then of course you have to stick to this process.  

I had one lawyer write up mine for my last partnership then had an uninvolved lawyer review, as did my partner.Things to consider:1.

(The numbers gotta make sense.)3) Post the basics of your deal on BP under Reviews and Feedback > Real Estate Deal Analysis and Advice. 

I wouldn't spend much in cosmetic department.

This is a combination of several ideas above...It's also in the vein of not spending too much money since it's a rental.

6.Contact last two prior landlords.7.If applicant passes preliminary screening, send online application ($40 fee)8.Review screening for 600+ credit score, on time payments, income, eviction and criminal history.

Hi If I was approved for a loan for 180k but I find a property selling for 140k that is currently livable, however I  would like to spend money on cosmetic updates.

I’d rather not have to spend 8K on a new roof then sell the place in a few years.

Of course because of inflation the payment in many years will be less money in terms of spending power.