Real estate is buyer beware -- you're responsible for doing your due diligence and ensuring that what you're buying is what you think you're buying. 

This will ensure that your renters are qualified while limiting your exposure to litigation.

If not you will probably have to qualify with both mortgages.You will have to ensure you work with a direct lender because sometimes banks have overlays that limit what you can do.

As David and Alex mentioned you should definitely clean the outside unit annually, change the filters monthly, and ensure drain lines/pans are clean.

I believe this is a good deal and want to ensure that I'm not missing anything, plus i have a few questions. 

Check on the use of @mentions to ensure that the person you reference gets your attention. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate Success

It appears that I invented an additional fee out of the various comments that I read; the different possible... ummm... options are:1. an up-front feet at application time, to ensure that applicant doesn't change their mind while I'm processing application.2. a fee for running a background/credit check, such as via SmartMove.com3. the actual 'security deposit', typically equal to one-month rent, more or less.Item 2 I don't have to collect; it's handled automatically by SmartMove; this has worked pretty well, certainly no applicants have objected to it; this only comes in if I've already researched the prospect's application and data, and selected them as my current prospect.

Is there checklist available that I could follow to ensure I’m not missing any steps?

BTW, since Dodd-Frank, ensure that any Note made applicable to that Act has a seal and RMLO number or lender number identified on the Note and security agreement.

Listen to your gut instinct.Then just run the numbers and ensure they meet your financial goals.