I don’t use anything like that, and for my business model I want the tenant to put some work in and have some “skin in the game”, so I use Zillow Rental’s screening function — it gives me what I need in order to make a preliminary decision, serves them well, and that’s what I’m looking for.

I have not done this but I am not sure they could stop a renovation that basically adds another kitchen and structural changes to make it a functional duplex.

If you’re seeking 9 or 10 caps you need to be investigating under-functioning class C’s that have an upside that’s tremendous.

@Chantel Porter area cap rate is a function of risk.

The high rate is a function of that. 

As long as the property doesn't have any major structural issues right off the bat (so you won't have to spend money to fix it in addition to providing money down for the purchase) like foundation/hvac problems or a leaking roof, everything else should be functional as a home for your 6 person household.What do you think?

But, many books have maybe one good piece of advice.Math is super critical.

Be careful not to surround yourself completely with people who think just like you and no one else.Another aspect critical to your success is training to find the right life partner to be with.

This is critical, especially if you're doing this alone. 

As for preparation, this is the most critical step for me.