It's quite easy to setup.

Welcome to BiggerPockets, Douglas! 

We hope to own this building for a long time as we enjoy taking care of it and continuing to make it a staple of the neighborhood.

First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.

If I wanted to transition it to an LTR in the future, my best guess is that I could probably find a tenant for around $1,700-1,800/month without too much issue. 

My example was to compare and contrast, in general, that you will not find similar terms to what you find for US properties. 

@Rene Hosman will be able to help you figure this out.

First of all, welcome to BiggerPockets!

Does it make sense to cheap out over the few thousand dollars it will cost to go through a proper escrow and title process?

That easy question to answer will be a really great litmus test in your due diligence toolbox.If you are evaluating a REIT, it would be wise and prudent to do your homework and select the appropriate professional to guide you.