We want our first house to be a multiple family rehab that we will live in and rent the other(s) unit(s).We will be using a FHA 203k for financing and have already selected a couple of great properties!

Hmm I was thinking this recessed pebble hearth I did would look really good with the wide fireplace.

Go to a city and select 'rentals' and you can see what's available.  

Becoming efficient in google maps will save you a ton of time in creating a mailing list.If you just do a general list to commercial properties, the USPS Direct Mailer program (EDDM) allows you to select the exact mail routes which would include your targeted commercial properties.  

While it may not be 100% foolproof, many (or almost all) of the tenant travails, travesties, and disasters that you read about can be prevented with proper tenant selection.

Any tips for efficiently finding, vetting, and selecting these folks?

Saying Southeast NC covers a large area - from Fayetteville to Wilmington and everything in between and prices vary widely in that region. 

So, I'm wondering if I'm missing something.Property Facts:Asking price $165,000 (Initial offer would be ~$130,0001 House - 1600sqft - no rental history - in good shape but wallpaper everything7 Single Wide trailers - 6 of them are currently being rented at $485/month3 additional lots for single wide trailers I have no idea what the condition of the trailers is yet, working on getting a walk through of the property.

It is clear that investment covers a wide range of options just as you mentioned before. 

If anyone would like to hear more details about the experience or how I selected the property, I would be happy to discuss.