I am not interested in why a applicant does not qualify or to complicating my process by having to qualify a second non tenant, chase that individual for payment and possibly risk having to evict. 

Basically, I want to make sure that my tenants will be able to pay if one of them ups and leaves, disappears, or gets hit by a bus.Is it ok to require minimum income of 5x for household and let's say 2x for individual?

I would also like additional capital to -Fix up that home (instead of me paying for the repairs/upgrades over time)Invest in stocks, (As I've been learning/studying for over a year now, making small amounts here and there as a trader) Potential upgrades for my business (me and my family run a successful auto body and paint shop)Because of my good credit (almost 800) I feel like some type of bank/company/individual must be out there willing to work with me!

My price range is between $100K-$150K in a C neighborhood, but prefer B if possible or realistic at price range.

Get a property inspector to confirm the exact condition of the house.Ask an agent or, preferably, a property manager about the general rentability in the area.

Nothing impressive to buy at the moment.I am aware that NPN are mostly traded in bulk tapes between banks and accredited investors. any referral sources who JV with banks/accredited investors on large NPN purchase deals and willing to distribute couple of notes to individual investor like me?

I'm not sure how I'd go about charging the water prices back to the tenants since, as far as I know, the water isn't metered individually to the two units.

However there could always be individual circumstances that might make a shorter (or longer) holding period appropriate.It sounds like you bought it with the intent to hold for productive use. 

This will help your be able to provide documentation to the bank that you paid on time.As @Wayne Brooks said, you need to make sure the title is in your name or (preferably) your company name. 

I prefer to be a little more conservative when running that 60 or 70 number...and do more like 55 or 65 and sometime even 50 if it a small property.This method holds true is most of the USA and most parks.