He is here to start a new business and currently works at a restaurant making $45k/yr. his application is very good with a credit score 733 and previous yrs income of $75k-$100k.

I like to think of it as a revolving credit facility where I am the bank and I don't have to rely on an external credit committee and the associated red tape to draw from the facility

Hello BP,I have used the same screening service for my last two tenants and although the credit checks are  completed and returned promptly, the background check usually takes 5-7 business days.  

Even through the large losses I've managed to keep an 820's credit score, we'll see if that matters I guess.

I would be looking to get it at a low enough price, along with the home improvements done after purchase (also with 15%-20% down) to take out a home equity line of credit.

I have a prospective tenant with a credit score of 577.  

Thanks guys I appreciate both of your tips and as I progress in my hunt I will be sure to ask questions as they arise.

Thank you for the tip on the closing statement, I think it's important to explain any reasons for a discrepancy in terms of an offer.  

Talk to them first, but raise rent to market rent, background screen, credit check, and offer lease.

Last tip, ask lots of questions!!!