This includes documenting the existing conditions to ensure they don't damage the property when they move and deposits.   

Key to all this is knowing your criteria and exactly what you're looking for. 

The place now is in fair condition, people live there, and it's decent, but not updated.

I'm hoping someone on here has tried to do and can tell me if I can and how it works exactly.

The title kind of gave the question away, but how important is air conditioning when evaluating a rental. 

Hello BP nation,It has taking us some time but in the fall of 2016 we purchased our first rental property. It is a 3 unit that was a foreclosure. We talked to several banks and found one very large bank that would rap...

Is the property in good condition? 

I read subletting was mentioned in the lease, I'm not exactly familiar with all of this renting/lease jargon, or how that would work, or if it's even an available option, I'm just in a desperate situation at this point.

As I mentioned before, I do not have an exact game plan but I will head to the advice you both have given and dive into the world of REI by doing homework.

This is exactly what I did to purchase my first two properties.