What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Make sure any lease agreement you use complies with Arizona's landlord-tenant laws, including required disclosures (like bed bug information, for example).If you're unsure, consulting with a local real estate attorney to review the agreement can provide peace of mind and ensure you're fully protected.

However, required downpayments were typically 40-50%, and would be difficult without a residency visa.

@Kyle Trotman If you purchased with a hard money loan conventional lenders will require extensive seasoning to utilize the new appraised value for cash out. 

With your Fico and down payment, all you need to do is make sure you pass the debt to income requirements. 

You should require the tenant to carry $100,000 liability.

If you're eligible, a VA loan is your best choice since it requires $0 down, no PMI, and allows multi-family properties.

Has a garden, Parking, and hits the requirements to be able to get it licenced as Local Accommodation.  

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

And how do you approach balancing asset management between third parties and in-house?