I Just provided them the info stating that their estimated gross income is extremely high.

2) How to verify documentation provided by the tenants?

Hi Jeremy,Below is a BP thread with some great insight on Seller Financing & a Checklist that provides a nice overview.Seller Financing - BP Thread Regards,KC

Hold on to it 4 years and very easily doubled in valuation. 

As long as you provide a safe and compliant living space you are a going to be a good landlord.

I think the 2 bed can easily be rented out for $1450 + utilities in our area.

Buy 4 more properties - one approximately every 3 months, based on the following logic = always fill existing property with a tenant prior to moving on (I'm new, and this is my way of managing risk); build resources to purchase next property (I have pretty decent purchasing power right now through conventional lending with my current job, and I also have a private lender ready to loan on my next property, and I also get a quarterly commission check that provides a nice financial bump every 3 months); finding a property takes time, but it is worth it to find the right property in the neighborhoods I want to invest in, at the right price.

The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return.Originally created to protect residents of Augusta, Georgia who would rent out their homes to attendees of the annual Masters golf tournament, the Augusta Rule applies to any taxpayer who owns a home in the United States, provided that your home is not your primary place of business.How Does it Work for the Homeowner?

You don't HAVE to buy points, but if you have a high DTI, the lender might not be able to do the deal unless you do, we can't tell from the information that you've provided here. 

Providing something unique in a very competitive environment is essential Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?