Quote from @Ana Maria: I am a first time real estate rental property investor.

@Gutta Bunni are you advertising your management services?

You can also write off expenses such as property management, insurance, repairs, etc.

This also probably ensures that they will continue to depreciate against the US dollar over time. 

Hire a property management company who will manage it for you.

@Jim LynchSome typical minimum tenant screening requirements look like the following, but it depends on your market:-Renter has a gross monthly income of 3x more than the monthly rent-Minimum credit score of 650-Renter must have no prior evictions-No felons (or other notable criminal history)There are a number of different tenant screening softwares out there such as Zillow Rental Manager, TransUnion SmartMove, etc.Be sure to complete an employment verification by contacting the renter's employer and confirm the details they shared with you, landlord verification (if they have a previous landlord), credit check, and background check.

I've asked my clients a similar question and have developed tools for them to minimize this, but I find there are a few different types of clients.Manager managed - these folks have no issues as they simply upload their year end statement from their property manager, their 1098 mortgage statement and any other one-off expenses they may have paid for outside of the management company. 

Is it realistic to ask for and expect to get at least 2 landlord references and 2 tenant references (current clients) if I am a " small time" landlord with one property, not multiple units?

You’ll face hurdles like maintaining a steady deal flow, securing funding, managing renovations efficiently, and optimizing your exit strategies.This guide highlights key strategies for investors looking to transition from single deals to a scalable, volume-based distressed property investment model.1.

Typically corporate/bank owned homes are managed by an asset management company.