My W-2 job is in development so I understand I can't jump in head first. 

There is definitely great opportunity there as Columbus continues to expand! 

One issue I've run into is that some collection agencies don't report tenants to the credit reporting agency, which is a huge missed opportunity.

After feeling as if I have done my due diligence and am financially ready to jump in and actually invest, I have been researching different opportunities and areas for investment.

Then, depending on if you or your wife have a traditional day job, you'll definitely want to consider making estimated payments to avoid underpayment penalties. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

.: divorce, death, job loss, etc. 

However, our current situation is a bit unique and has a human aspect we can't overlook.The potential tenants in question are in immediate need of housing, and we have the opportunity to provide them with a safe and comfortable place to live.

I'm not saying that to make you feel bad; I want you to use this as a learning opportunity.

Yes, I would agree with others, but Polk County has a lot of opportunity.