The key is buying the right business that has good long term prospects.4.

No, I would not get an appraisal in this situation.It's been my experience that lease-option (AKA lease/purchase) prospects are not nearly as sensitive to appraised value as they are to down payment and monthly payment.

I am a prospective tenant in Cleveland, Ohio.

I try to research the company prospects when considering someone.

EVERYBODY was out of work and NOBODY could pay rent so his choices were:1) Evict the none paying tenants and let the units sit empty, have the pipes freeze, and fight off squatters.Or2) Let everyone continue to stay so that at least the heat would stay on and occupied units might deter vandalism.Or so he thought...Being a compassionate man he did not put families out into the snow.

In the beginning you want to focus mostly on 2 items and they are; prospecting for clients and getting familiar with the contracts, in that order.

Post it on Facebook and craigslist and try to get a list of prospective tenants going.

Always check their previous rental history and contact their previous landlords before agreeing to rent an apartment to a prospective tenant.At this point, she's already in the apartment and it's unlikely that you'll ever get any type of judgment in your favor for a security deposit that you'll actually be able to collect on in a state like CT. 

I haven’t used Craigslist in years, more scammers than actual prospective tenants on there these days in my experience.

It may be helpful:I can give you some general info on insuring the property:Here are some things to look for from an Insurance prospective:1.Any in-ground tanks (active or inactive)2.Any Knob & Tube or Aluminum Wiring3.If built before 1978, does the building have Lead Safe certifications4.Any wood stoves or secondary heating units.