Depends on your goals and current financial situation.

He recently renovated the upstairs of a SFH and it is one of those situations where you really have to be mindful of the financial undertaking of a major renovation. 

Keep in mind the co-signer's income should be enough to afford their own financial obligations AND the rent for your rental.

I am a flipper who is also interested in building a rental portfolio to gain financial independence.

What is your financial exposure? 

Typically, the documents included are: Annual Financials, Articles of Incorporation, Budget, Bylaws, CC&Rs, Insurance Declaration Page, Regular Meeting Minutes, Resale Certificate/Demand, Reserve Report, Rules and Regulations.

I know the right tenant is key, and this being my 6th house I am completely fine and financially safe on sitting for an extra month to get the right person in there. and not just fill the spot. 

one thing I wish to do regardless of help or assistance is to start an LLC in hopes that other people, experianced or not, will be willing to become a part of it in order to build themselves and their goals and dreams with it. i have finally cleared up some financial issues and have money to work my first property, but am kinda clueless and hope for some local mentoring. 

During the loan process they look at the financial records to decide if it is worthy of finance and you should and can by yourself do this, if the records are available.

Yet in a 'high water/sewer rate' town nearby one of our duplexes only averages $95/month (4 adults & 1 kid).Your costs are definitely becoming a financial liability.