We require a 2-year work history, supported by YTD paystub and last year's W-2(s).You won't get stable rent payments, unless tenant has stable income, which they won't have unless they have stable employment.

Always research local pricing history and trends and speak to brokers knowledgeable in the immediate neighborhood to understand whether you have spotted a good deal.Not Being PatientUnlike shares in the stock market, where you can make a profit within days or even hours, real estate requires quite a bit more patience to start seeing gains.

These homes often have an entry point of $800,000+ and may require additional capital investment right away to update furniture, cosmetics, or do unique theming in the property so that it can generate maximum revenue from day one. 

Next time I recommend not giving a grace period unless required by your states laws

Ask them how many clients they have actively looking in the market, what their requirements and pricing needs are, and see if any fit the properties you are looking at.  

It seems like there is a size requirement for rental property.  

This answer relates to Derek's in that different property types require different responses.

I would be willing to set aside these requirements with limited exceptions if it's a really good deal that I would otherwise lose, but it would have to be a situation like an infill parcel in South Philadelphia where many of the other risks are not as likely to arise. 

If it's an Airbnb booking, we don't bother with an Aircover claim if it's small because of all the busywork required. 

Many lenders now require you to submit financial statements to see how your business is performing as part of the underwriting process for a loan.