I talked to a mortgage broker friend of mine and he told me that I meet all the qualifications for a FHA loan except I don't have pay stubs for the last 5 months I've been working.

First step is do they meet your qualifications.

This benefits you in that you don't have to worry about an individual guarantor/co-signor and their financial qualifications, or chasing them down in the case of a default.Several months rent up front.

@Margaret Buoncora - you will need to file a foreign qualification form in every state you plan to do business in. 

If you're nervous about evictions and your property is located in a good area, use very strong minimum qualification requirements, it's what I've always done and it's work for me.

You may be better off finding a partner to go in on this one (split building, negotiate roles & responsibilities due to financial qualification assistance needed to obtain property).  

With a commercial purchase you need to be aware of the qualifications for borrowing money, and the same thing would apply when refinancing it. 

Unfortunately, I don't quite meet the accredited investor qualifications yet, I will in a years time.

These people have no prior qualifications, make more $$ than I do, and have company cars and whatever.

Do your screening and accept based on qualifications.