You will have to screen out unqualified prospects carefully.

I know the clawbacks are possible but try and reduce the risk with good tenant screening. 

Just want to know if I’m missing anything, I don’t want to go on my first deal and fall flat then never try again.

I've seen brokers just flat out lie about the number and price of other offers, so I don't even know if what "inside" info you'd get as a buyer is believable.As a broker, my primary rule is be honest on what you disclose (should be obvious, but that doesn't mean it happens). 

Specialized software is available to perform these searches.Have any landlords within BiggerPockets used social media content as a tool to screen tenants?

Two Flat Analysis-Click HereI am typically a BRRRR investor for SFH, but want to get into Multifamily.   

We screen the tenants thoroughly and address significant items quickly. 

Signed on the dotted line for a Brick 2 Flat w/ a 2/3rd finished basement in North Chicago @ $375-400k (FHA).Property has been family owned and looks well taken care of.- 2nd Story: 2/1 - Nicest finishes, only missing upper cabinets/shelves, range hood, less outlets than I’d prefer, large pantry and enclosed livable back porch.- 1st Story: 2/1 - Mid grade finish, missing upper cabinets/shelves,, range hood, same electrical / layout.Garden: 1/1 - Mid grade finish, ceiling hight is good (lower in some areas, assume for boxed out utilities), floor carpet / tile but noticeably not level.

I house hack a 4/3 single family here in CO and if you put the work in screening your tenants it can be a great arrangement.

If it's lower than 5% than you can get better returns investing your money in appreciating, cash flowing assets over the long term.When adjust for inflation, real estate prices are flat.