I am not an attorney, but at a minimum, you're going to need (1) adequate property insurance, (2) a standard lease agreement, (3) a method for vetting tenants/doing background checks, (4) a method for collection of rent, and (5) possibly a license for the property to be operated as a rental (you will have to check the requirements in your jurisdiction).

You'll want to search for a 'How Much House Can I Afford' calculator in lieu of a standard mortgage calculator.

Several mid-range builders have started included it as a standard option, so it's becoming more of a norm in that 250k+ price range. 

So old and fallen apart, there are a couple of occupants in the two buildings living off the government paycheck, but it's definitely not going to pass any minimum standard conditions if ever thought of section 8 ....

Banks require 3-12 months of reserves per property and most will allow you to use a certain percentage of retirement accounts (75% seems pretty standard) to count towards reserves.

I know it happens, but does anyone do this as a standard practice, or do you just move on and focus on the next lead?

@Ryshawn Cousar Yes, that is standard practice when renting a lot in a mobile home park for a mobile home that you own.

Hi BiggerPockets family,Was wondering if anyone has skip traced anyone who is currently living overseas? Usually every time I see an owner of a piece of land or property that has their mailing address overseas, any sk...

We all have the right to an adequate standard of living... 

That is actually very standard for sellers of multi-unit properties to stipulate that they will not show inside units until they have a written offer.