I don't feel she has the background for a property manager.

Of course I always meet the new tenant in person and do my typical background check etc.  

run background and credit check on potential tenant.n.) 

To be an FHA direct lender you need to meet the following requirments: 1)Certified original audited financial statement with adjusted net worth of at least $250,000 that has been prepared within the last year.2)A senior corporate official showing at least 3 years of experience handling FHA affairs (loan origination and servicing background) 3)Multiple credit and background checks to verify legitimacy of the heads of the institution.4)$1 million warehouse line of credit or equivalent funding program to show liquidity and lending power.5)Business plans, quality control plans, E&O insurance policy, sanction letters, fidelity bonds and other formalities to provide security.As you peel the onion it makes more and more sense why some lenders offer certain services & products and why others simply don't qualify to do so.

I do believe it is a slow start, but I think it will be a good initial pace for the both of us.Although technically in the preliminary stages, I have been able to save $800 for the month of July, to build my investment reserves.

@Daniel Lee you're going to do some great things because of your business background and entrepreneurial focus...well, also bc you've come to BP to connect and learn.  

That looks like a residential number.You might want to check a calculator to find a ballpark for how much of a loan you can get because 3M is WAY WAY outside what most lenders will think about (in your situation) and they aren't going to line up to give you money if you have no background in doing what you want to do.

The investor is technically in the drivers seat.

Run his background, credit, application, verify employment, verify rental references, etc. and follow your normal lease requirements.

It's actual a duplex that has been set up as a bit of a rooming house with separate accomodations, but not technically suites in the lower halves, as the standard stove has been replaced with a hot plate, etc..