Define size of each market segment - Number of units sold, dollar values, absorption rate (avg. time it takes to sell)2.

Granted, this 5 unit will be a much larger project, but the size & cost of the project is what's making my other partners a little apprehensive about this property. 

The goal is, or should be to secure income, so if the concern before you even rent is that you might have to evict a tenant, the focus should be on screening and qualifying potential tenants so as to try to minimize, as much as possible, the probability of renting to a troublesome tenant in the first place.

Most tenants do not have an issue supplying them.If you are developing a tenant screening app you would need to remember who your customer is, the landlord, not the tenant.

James, Welcome to BP. you have come to the right place to learn, start with the Education section at the top of your screen, listen to some podcasts and read some blogs, those will get you going.

I am at the point where I am trying to figure out the best way to screen my tenants / do background checks.

The best way to size up a company is to visit the office and meet the staff.  

Just make sure to carefully screen them by calling their previous landlord.

@Kaleb CarstenI would recommend screening multiple managers.

This is full-screen on a 15.4" Macbook.