I would definitely include a rental criteria (and/or tenant screening policy) with your application that outlines income and credit requirements as well as how you treat those with a criminal or eviction history. 

Seems like a Turnkey approach or Syndication model would fit you best according to your preferences outlined.

This made it simple, we have a separate partnership agreement that outlines how decisions are made, who is responsible for what, etc.

Some of the engagement letters are nearly 20 pages long, outlining every little thing they want in the report.

You don't have to just take their "package" of what they typically do, if you decide you want them to do regular visits, and send pictures, or say manage repairs up to X$ without calling you (from escrow), outline that upfront, as long as it's reasonable, a good company should accommodate. 

The Fed chief outlined four possible options, including buying delinquent mortgages and providing bigger incentives for refinancing loans.

Both are good, but I like commercial better for the reasons outlined above.

While that state doesn't really outline exact steps for every state it at least gives definitions of the terms as requested.

In addition to writing in the lease that the rent is due on the first Friday of every month, I would also have an addendum that outlines EXACTLY what date the rent is due each month over the course of the next year. 

Does anyone have a template or outline for putting this together?