I understand the new tenant would need to have a credit and background check and we'd check references, but what if they are unable to meet the income qualification (assuming they can't get a co-signer)?

You already know this, but for the future, make sure you're carefully checking tenants court / public records, in addition to credit, and also verifying references from prior landlords.

Must be:licensed, reputable and solid references. 

Looking for an attorney with experience in transactional law and entity formation for real estate investment.  

.- quick reference of landlord friendly states  

What insurance are you referring to? 

I'll simply make sure that this part of my criteria is not listed in writing and will have to go based off screening/conversation, application, and background check/references.

And you can check their references by going to their profile pages.Another alternative would be to talk to a local title company. 

For example, the agent I use already had lender references, general contractors, and real estate attorneys.

(or commonly referred to as seller financing)On this deal, that we commonly refer to as "Garfield", we purchased the property for $810k or $135k/unit in the prime Uptown location of S.