In the situation where the parents are exchanging into a TIC in the replacement property, this seems to be a different situation since it's actually the parents LLC which is taking title to real property via the TIC, so if an heir was to invest in the property as an LP I feel the IRS may view this differently but am not sure.

Laura,Tons of forums on this topic on BP (try searches on "screening", etc)...People will and have chimed in with their process and recipe....Also, you may want to also look broadly at the renting and tenant onboarding process (I have a few classic buy and hold landlording books on a blog post, all should be free at library or low cost at used bookstore).....Best of luck!

Is this the standard and in your experiences please, what are the advantages and disadvantages of allowing / not allowing petsAlso, what is the best way to screen prospective renters?

, but I view 2/1 as the bread and butter.

I suggest you arrange for two or three specific dates/times to have your "money partners" view the home.

some of the books you mention are great but are big picture idea books, and you may be thinking ...how do I select a place, inspect, buy and rent it (advertise, screen and select tenants, maintain it, etc).

I do the research once I have a motivated seller and an appt to view the property. 

How long should it be on the market before I decide to try to screen for tenants?

From a contractors point of view, Home Depot is easier to navigate and has more of the things I need.  

Many i looked at over there would make sense from a rent-to-value point of view.