thank you for your replies. i will not skip any screening steps - this tenant seems to be genuine and has two small kids.I will check on Texas states requirements on taking advance rent for 12 months. i am not sure if it has any tax implications for taking a lumpsum payment.

So one day she calls me about a deal she thinks she might have found. 3/2 walk in closet, tile and carpet, screened porch, 19921207 sq ft Bank owned asking 128,200 Comps in the exact same neighborhood with same layout going for 169 -171rent is going for around 1300 in the area. 

Move on to someone that can pay reliably.Your screening process sounds light, I would use a service like Investigative Screening for a modest fee, paid by the tenant, you will get a solid background check.Bob

Hi Fred, You might find this BP post about screening potential tenants helpful: https://www.biggerpockets.com/renewsblog/2014/10/1...

@James Wise & @Colin SmithI have purchased a full outdoor movie setup for these events. 16'x9' screen, full PA system, 1080p projector and a bluray player.

Now part of that is how you screen and manage.

Also include some mechanism for increasing rents and providing adequate notice.Tenant screening is extra important since they are both a roommate and tenant.In terms of taxes, part of your property will be a rental and part will be your primary dwelling. 

We advertise, telephone screen, and then set up appointments for showing.

As for renting out make sure you're doing your tenant screening to do your best to avoid the evictions!

It's just a matter of time before you will have to shell out some funds.3) Why not ramp up your business and acquire some of your own skills and do your own PM and learn to screen and find good tenants?