I have no background in real estate, I am a electrician by trade.  

I understand the concern of not having income and the questions that I've read seem to concern the money, so I'll start by answering the questions asked.We have a reserve of $70,000 though I'd like to keep about 20 set aside.My credit score is 765I do get some income from the military, just not a lot.I have zero debt aside from my personal home.I have a background in construction so working with a partner would be perfect for me but I have a lot of networking to do because I left for so long and don't really know anybody around here.I've basically limited myself to properties at $160,000 or less due to not wanting to put more than $40,000 down knowing that I'm likely going to have to put 25% down with local banks.

My background is in the field of pharmacy... ready to make a change!!! 

A little background on the house from what neighbors have told me.

I have a deep background and knowledge of trading stocks and FX (currencies) for about 4 years with personal accounts but now want to learn about REI.

All my tenants came from craigslist and I do my own background with a sub service.

You'll need to talk to a lawyer that does LLC formations and one that has a background in securities regulation.

(Though you do indicate you have a financing background in your profile??)

If they find a tenant (that I approve of) they do the background checks and write the lease up.  

Obvious reasons:Bad credit history, evictions, judgments, criminal record, not enough income, bad rental background check.What about:short employment history, no bank account or short banking record, short or no rental history, what about rental history being with parents?