Market the unit widely on popular sites to get a number of applicantsScreen Tenants ThoroughlyCredit CheckCriminal Background CheckSex Offender, Felonies, etc.Check with previous landlord referencesVerify Employment / Assets / IncomeVerify IdentityBe reasonable with:PoliciesHave a fair set of rules at the property and stick with themPricesPrice the unit appropriately in the marketPropertyHave a well maintained propertyI have found that crappy properties attract crappy tenants

Since you're also interested in investing I'd look at things like % of rentals and vacancy rates (if you'received thinking buy and hold), DOM and % of list as well as % of expireds (if you're thinking flips), as well as economic factors (major employers, age brackets in neighbors) and level of stability there, quality of school system (include charter and privates, if applicable), and walkability of neighborhoods.

Through my employer I have a 403B.  

Major employers are Abbott Labs, Pechanga and the hospitals.  

Because it sounds like they do the job of a property manager, and unless they are all business partners, I believe they have to either be employed by you directly or licensed property managers to do leases, evictions, collect rent, etc., at least in the states where I do business.  

The income itself will be taxed the same way: Self Employment taxes plus your marginal rate. 

Credit, employment and the ole "SKIN IN THE GAME" cliche is more necessary today than it ever was.

After leaving the service he was employed with Proctor and Gamble in sales.

I'm employed full time with roughly 45k gross income, have about 20K in savings and 260K in an IRA that I could roll over to a self directed or solo 401K.

They're fully-employed, albeit in blue-collar positions.