As of now I'm working with my junior realtor (close friend & new to the industry) to source a property where the rent income will be able to cover debt service and operating expenses all while living in one of the units (therefore, removing the rental income of that unit from the equation).

The deal he's offering is that I cover the entire cost of the 5% down deposit and renovation cost (closing, miscellaneous, etc.) and in return, we each pull 12k annually.

As long as the rent still covers the payments you should be able to leverage the money to either buy an additional rental unit (using that units future rent to help qualify) OR use it as a down payment for either an equity partner or hard money lender for a fix and flip in your area. 

What do you use for criminal background checks and credit checks for screening prospective tenants? 

I am looking for someone who can show and market the property, screen the tenants, do background/credit checks and then do the initial condition checklist for move in/move out.

She got caught and is now trying to cover her tracks.

Hi guys...hope all well...notsure if this is the right form to post.I have a client that bought few lands in dallas, texas from the sheriff tax sale.The redemption (6 months passed) 6 months because they are empty lots.Got them listed for sale and undercontract...now at the closing when the title company issued the policy commitment...they want to add language says they wont cover the redemption up to 2 years...

I screen like I would a regular tenant but with a higher credit score requirement.I've had to take a couple back and wished I'd just rented them out. 

CYB (cover your butt)

You don't do that siting in front of a computer screen.