The initial requirements are a favorable credit score, income 3 x the rent, and the last two check stubs.

Things like 3x the monthly rental amount in income, a minimum credit score (if you want that), no prior evictions, favorable prior landlord references, or whatever criteria you decide you want your applicants (and future tenants) to have.   

The numbers could work but I like it enough that I hope I can negotiate a deal in my favor.

If everything is good except the credit score (maybe get a copy of DL and do a criminal / civil judgment check on him and the co-signer also, since those don't show up on credit reports anymore), you might just go off employment, followed-up job and landlord references, co-signer, and very landlord-favorable lease and payment terms.

Your price per unit acquisition will be starkly more favorable than SFR acquisitions within the same locale.  

I've tried looking locally, and I don't favor the risk/reward in Sarasota, FL. 

I typically see: 1-3% acquisition fee1-3% asset management fee0-1% disposition feeWaterfall is hit or miss, but after investors get 15% IRR, often the GP gets a more favorable split. 70/30 to 80/20 split is typical$50k-$100k minimum is common

In addition the favorable business climate continues to attract Employers fleeing higher taxed states.Obstacles 1.

I probably annoyed the guy which is fine - if he's catching attitude over a simple request then he's not doing his sellers any favors.

NJ tenant law highly favors the tenant.