The other mentioned the 5 C's of creditworthiness of which my preparedness went toward Character.  

At a minimum you'll know if the new guy has any felonies or evictions which can help inform your decision, but I'm not sure that will completely shield you from the worst case.I think you either say no right off the bat or at least go through your screening process, minus the income verification, which will give you a better idea if the new guy is a deadbeat or if he honestly did fall on hard times.the character of your current tenant can help you figure this out and I wouldn't say yes unless I meet the new guy in person. 

On a recent work trip to St Paul, I came across a house that is abandoned.

I think the sad reality of NYC is that it has become an outrageously expensive place to live and is getting yuppified and losing some character.

So I took a trip out there, and toured a half dozen properties, and have since been in touch with a realtor there who has sent me even more listings.

I would recommend attending every real estate meeting you can find in your area and even road trip to a city that has a good club in it.I made a small post card that explains my needs in the way of mezzanine type finance.  

LOL... not for me.. its a business I think . not an investmentI have 1 week to become "knowledgeable" as someone is sponsoring my trip to Biloxi/Harrison County to scout for properties prior to their auction.  

You can't have trip hazards, so if you have large sections of concrete that are lifting up and would cause someone to trip, they will likely call that out.  

Since you like/want to travel you could potentially use the unit you occupy as an airb&b when you're away on a trip to make a couple extra bucks.  

Is anyone using a property management company in this area that has the aforementioned character attributes?