If you decide to do this I would recommend reading Brian Burke‘s excellent book: The Hands-Off Investor.

Unfortunately tenants with excellent credit and income often do look for places to purchase down the line. 

We are fortunate to have several great investor-friendly attorneys here in Buffalo.Rick Boorman - Excellent.

Properly screening and selecting the right person is the tricky part.

I usually select, buy and make sure all materials get to the job site and I also do the kitchen tile work.

We both have excellent credit scores.

@Robert Murphy you have received an abundance of excellent and varied input and advice here.

@Miranda Vaughn Excellent!

Credit requirements are lCons:  Depending on the rehab amount, and the type of 203 program you select (K or B), you are limited to either 1 or up to 3 contractors. 

Real Estate Agent - I knew what number would work for my monthly mortgage with two roommates I had already selected so we used that number and worked backwards How did you finance this deal?