I just got a new investment property,  there is this potential tenant, single parent with four kids, the eldest daughter is 24 yrs old, the tenant was upfront about a rocky credit, but when I ran the application the credit was 420 with student and car loan, there is a bunch of default payment ranging from kohls to rent default from two years back,  although the background check came in clean with no eviction history, I used Cozy app for screening this time, the lady says her eldest daughter has a good credit score and between both their incomes they should be able to meet  the income minimum, a part of me wants to help here but I am new to this so not sure if its a bad mistake to let my emotions take overI was planning of using some precautions like  getting two months deposit, doing a month on month lease, having both applicants in lease contract... what else am I missing, or should I just stay from this.. appreciate your advice 

Sounds like a modern day gold rush has been going on there in apartments for a little while.  

Ladies and Gentlemen, reviving this thread.I am in the process of looking at a property which has been renovated and is now fully rented.

The old electrical system just can't meet the need of modern tenants; plumbing has rotted out at one time or another. 

If it's updated and in good overall condition with modern systems, you should be good...if it has active knob-and-tube wiring and a central boiler that's original...you'll be in trouble... 

I would talk to my tenant and tell her to get the lady out of the property or she can move out herself.

So, my attorney went first and ripped that lady apart. 

I looked up the permit records for a house I am rehabbing and the recent permits (that came as a surprise 75% into the project), and my GC is the applicant, but the owner is a lady's name that I have not heard of.The initial permits to start the project had my LLC as the owner.Background:The rehab is 2+ months behind schedule and 10% above budget thus far. 

If I was the tenant there for 10 years with little or none increase, the place is not updated I will be going to a place with all modern amenities and pay same rent.

@Stephen LyonsTake a breather for a second.Last week I was talking with a lady who ran/owned a custom furniture workshop.