It's a great opportunity for my family to have some additional income down the road.But man, it is tough telling a young family with 3 kids that aren't going to be allowed to rent the house due to prior collections owed to landlords and vehicle companies. 

A thorough screening process can include background and credit checks, employment and income verification, and rental history review, ensuring that you select tenants who are financially stable, trustworthy, and likely to uphold their lease agreements.

In your offer you can specify that you want access to bank records and tax returns to see and validate income/expenses.The challenge with whatever info you get, besides validating you aren't being conned, is what will your numbers be?

Both of us have corporate jobs with decent salaries, so we are saving about half of our income every month after all fixed and variable expenses and we have no plans to move in the foreseeable future.

I do understand I went from the top tier tenant that will pay the most for the perfect setup down to the unit that can be paid for with section 8 and will attract a lessor tenant or someone single / new young family / retired / disabled / fixed income etc.Here's the deal figures With closing paid , seller counters 10k above my offer, 6% VA loan, no points Does the property lacking those features make it a deal breaker ?

If you have good credit and sufficient income, that might work.

Have a temporary income plan for the property hopefully going in within the next month so I can better work on building.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Don’t you want/need the SSN for a decent background check and income verification?

HI John, You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.