There is lots of good content here on selecting a good turnkey vendor and staying on top of things to ensure your investments perform as desired.

Suggestion: Hi Sharon, you might consider just hiring a tenant screening company or a property mgt company (just to get past the screening process), you select, or they select tenant with your input.

I like to have a couple applications so I can select the best one and then really dive in on my due diligence, sure the first person may fit your qualifications but the 2nd may fit them plus some and I'm always looking to get the best candidate not just the one that meets my minimum qualifications. 

Have you already selected a broker?

If simply trying to determine if the an investment property's price is good given the income it'll produce, comparing the Cap Rate (Purchase Price to Income) may help give a more apples to apples comparison to other investors in the area as it doesn't account for how the purchase was funded.That being said, cash-on-cash is a good way to determine if the investment your selecting is the best use of the resources (cash).  

If you just bring in cash, you may be talking to any broker, but selecting that franchise shows some loyalty. 

I ended up selecting the only guy without a profile pic, because he seemed like he knew what was going on and actually offered some suggestions on how to save on taxes (although later he refused to even discuss these suggestions).He prepared a draft of my return.

203k Benefits to Buyers/Borrowers (not all inclusive) Renovate home with little/no additional out-of-pocket expenseLow down payment (3.5%)Combine purchase/refinance + rehab funds into one low-interest, tax-deductible mortgage which is based on the improved appraised valueInclude mortgage payments into 203k if home is not livable during renovationsSubmit a strong purchase offer if presented properly to sellerBuyers face less competition from other buyers to purchase fixer-uppers, foreclosures or older homes that are outdatedBetter opportunities for "good deals" on home purchasesAbility to purchase properties that may not meet FHA standards and complete the repairs/improvements AFTER the home is purchased.Select from a larger selection of properties for sale (in any condition), including condos, townhouses, mixed-us, multi-family, single-family dwellings and those that do not currently meet FHA standardsWhen offer is presented properly to seller, 203k offers may be advantageous in a competing offer situation as the seller does not have to fix-up or repair the property but instead allow the buyer to include these items into their 203k mortgage and complete the improvements after closing using the buyer's own style and design.203k Benefits to Home Owners & Sellers (not all inclusive)Market property to more buyersAllow buyers the opportunity to renovate, upgrade or improve to suit their tastes and preferencesNo need to settle for low-ball cash offersCurrent condition of property not required to meet FHA's property standardsBuyer is permitted to correct any property deficiencies after close of escrowNo more inspection concernsAbsolutely no repairs are required prior to close of escrowSeller not responsible for cost of repairs/improvementsTransaction will close with property in "AS-IS conditionClosing occurs in 45 days203k Benefits to Realtors® & Lenders (not all inclusive)Increase income by selling more homes and originating more loansRaise real estate values by improving homes and neighborhoodsDecrease foreclosure inventoryHelp buyers who previously could not buy homesHelp seller/owners with properties in outdated or fix-up conditionSpur economic growth by creating job opportunities for the construction/remodeling industryPromote an under-utilized niche program that not many Realtors® or Lenders understandRevitalize your community203k Disadvantages (not all inclusive) upfont MIPMI for life of loanSupplemental origination feeInspection feesTitle update feesmore complexmore moving partshigher interest ratepossible longer closing timeBut working with the right 203k Lender, a contractor with education/experience with the 203k, such as a Certified 203k Contractor, the benefits can definitely outweigh the disadvantages.

I began my search late March, I put my offer in the first or second week of May and just closed on the property this week.Lessons learned: This time around I like to think I was better about selecting a property.

Instead we're focusing on our current portfolio and selecting loss mitigation targets that are in  low unemployment states which we think will have the best chance of a positive outcome.