Is this a standard arrangement for land investment deals?

Blame everyone but themselves Very low social standards.

In a single bulb fixture that may not be a big deal, but when you're talking multiple bulb fixtures the odds of having a bad bulb in there increase. 

My understanding is that the property owner needs a written document about the transition happening.Is there any standard procedure (e.g.

3x rent is the gold standard.

Either option will increase your allocation to RE equity.

Population increases? 

@Scott Taylor, 25% down is standard for non owner occupied 2-4 unit.If you're going to live in a unit: we can do 15% down for a duplex, or 20% down for 3-4 unit. 3.5% down FHA across the board, of course, but good luck getting an offer accepted. 

Both have RE values that have increased for 50+ years, just ask someone who passed on an opportunity in the 70' or 80's.    

However, it’s also a field full of potential landmine issues with fair housing.There are important things to remember when using social media to screen tenants.Start with a solid application processIf you’re not starting with a thorough rental application, a credit check, and a criminal background check, go no further.Beyond that, have a checklist of uniform criteria and standards you need each tenant to meet.