Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Try and make it durable for tenants by getting rid of carpet, having fenced yards because people love their pets and will pay extra to have them.This could be as good or better than the military pension if you were to serve 20 years.I didn't start amassing my rental portfolio till I after I retired from the military.

Do you allow pets? 

@Kyle Schlosser Thats $750 gross rent, not positive cashflow, most of my 2 Beds are at $750/mo, and 3 beds at $800-850, and 4 beds at $900 plus pet rents (we love pets) my all in purchase and rehabs are usually $38-42K with an appraised value of $70-90K with rents listed above, now to be real I work for those deals and they are not every day deals, but at a $50K price point they are a little more common, even on MLS, but I'm not giving my secrets out, cuz if i do I wont be able to keep buying those, now if anyone wants to pay market for some of mine, everything is always for sale for the right price.

The City or County, whoever has jurisdiction, would not "approve" anything per se in my area but they their Building Dept would issue a Building Permit after you - or your builder - got approval from any HOA and maybe the Health Dept if a septic system is needed and maybe a county Highway Dept if a driveway permit is needed.All of that takes place AFTER the "Developer" turns the land into buildable lots. 

This is similar to saying "No smokers" or "No pet owners" as neither of those are considered to be protected classes.

What is a typical fee for pets?

I look for a few basic things which I have found make a unit profitable:- good neighborhood - Close to large employers with well-paying jobs- easy parking- below-market rent- low cost per bedroom- flexible landlord who will allow 2 people per bedroom plus 1-2 more and will allow small pets (ideally).Places that meet these criteria generally cash flow very well.Regarding arrangements with landlords, they love it and bring me their vacant units.

@Tom Knox Mike is right generally if it is habitable and no serious safety or health concerns conventional will lend on it. 

Working in healthcare (surgery) has been not good for my health, and it has caused me to not have time with my child as I would like.