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.

If so, the LLC could be a good route to go to separate the expenses and income from yourself, and treat it as a separate business.2.

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.

If you invest in areas utilizing government funding Blue states will outperform Red states because they typically have more funding for low-income housing available.

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

He also has no driver's license, but he does have an out of state ID.I get a bad feeling that this could turn out bad for me and feel I can decline him legally based on him not having rental references, but on the other hand I think that maybe I could either offer him a month-to-month lease with a guarantee I don't raise rent for 12 months, or require a double deposit. 

It's no guarantee but it's a good place to start.

Planning, such as selling in a year with lower overall income or using a 1031 exchange, can help minimize this tax.

The thing I forgot to mention is that I'm living on a small fixed income.

I work full time in a welding shop to have proof of income, so I'd be able to get my fha loan.