Before being approached to help with the development costs, I had considered on buying after the development was complete; 4 lots then having 4 homes built, selling 2 and keeping the other two to rent out.

I'm wondering if the insurance costs are hiking up the expenses.

Realistically, if rents can't keep up with costs over the longer term, fewer people will buy rentals and there will be fewer options for those who can't afford to or choose not to own a home.

For a low-cost solution, you can create a simple Google form with custom questions and share the link with them.

Don't low ball.  

@Lily Rodriguez your profile says you're a real estate broker, if that's the case I'm shocked that you post on Zillow and not on the MLS for 2 reasons, one according to the association  rules you're required to list all your properties on the MLS (assuming you joined a association) second Zillow is not our friend, Zillow competes with us and tries to push clients to their Premier agents costing the listing agent half a month rent.Quote from @Lily Rodriguez: Marcus,If you want more exposure you can list it on the MLS, and you will have to pay a fee to the agent that brings you the tenant then you will have to do a credit check and background check yourself for each applicant however for my clients I prefer to list it on Zillow rentals only, because I can manage the applications directly from there and the prospective tenant only pays $35 application fee once and can apply for different properties with the same application fee.

My question is this, would the cost of upgrading the panel and adding the mini split make sense for a rental?

These investments have low reporting requirements that can increase risk.  

I have about 10-15k to play with which should be enough to cover closing costs and have a small bit in reserve If I can't find a Tennant.

Any suggestions on how to best structure the deal in order to put down less cash or be able to take the cash out if I buy it low enough?