You lose out on inflation AND opportunity costs if you're wrong about it not being a good time (which no offense, but the probability of you being wrong is very high). 

When screening make sure to get a full criminal, background and credit check, and be sure to check out any social media they have so you can get an idea of who the person you will be renting to, really is.In the meantime try to be as friendly as possible to the tenant and attempt to reach a reasonable solution, such as cash for keys.

The couple has decent (not great) credit, no prior eviction history since they currently own their home, and no criminal history.

I look at money as offense and defense.

Please don't take offense but maybe its you and you need to get out of the way. 

You will still be able to dictate who you rent to based on credit score, criminal background, landlord references, work history etc..

It will list any evictions, criminal, and credit to see how well they pay their bills.If you meet with a prospective tenant in person try and get a look inside their car.

Make sure they rent is no more than 33% of their income and they have no criminal history, collect 2MO security deposit and you will be fine.

Its usually the outrageously bad tenants, or outright criminals.

Pros:Strong cash flowMajor affordable housing shortage in the countryBarrier to entry - zoning prohibits new parksPride of ownership - the residents own the homeLower operating costs - the residents own the homeLower touch - the residents own the homeSticky residents - costly to move a homeEasy to raise rents - costly to move a homeRecession resistant asset class - affordable rentLarge private equity funds are entering the space - drive prices upMom & pop ownership - opportunities to improve NOI and valueLower entry cost per door - less capital neededCons:Not sexy - smaller resale pool (but that's changing)Stigma - some counties try to stop operations (poorly operated parks, criminal activity)Stigma - some people don't want to live in oneLower credit quality residentLess appreciation potential, unless forcedNiche investment - helps to have scale to properly operateMany banks don't understand it - tougher to financeOlder assets in many cases