It had HUNDREDS of threads about stories just like yours.The number one question when someone posted the problem and asked how to avoid it in the future:Tell us about your tenant screening process.

This is also the part where I need to be sure that I have systems in place to deal with maintaining the property and tenants (like screening tenants, contractors, and property managers).

We are currently working on screening tenants for when we move out of our duplex and, once we get settled in our new home, will be looking to find more rental properties. 

However, that means we have never done tenant screening before. 

If you can actually make it as an agent ( many can't of course) and your in a good market ... income can be spectacular .. my wife sold 14 million last year.. do the math at 3%  a couple she doubled ended.. and she pays a flat fee of 12k a year plus 1,500 for board etc.. what kind of business has a flat overhead of 15k a year with that kind of income potential.. ?

We obviously then fixed the contract and screened our next tenant the best we could and he has been awesome!

This market may not be the best entry point for a newbie--screening tenants is a skill that is learned over time and it is absolutely critical to success for this type of property.  

One of the keys to terms deals (lease options, lease purchase, sub2, wrap purchases, contract for deed purchases, etc,) is to have a good contract attorney and be careful about screening buyers. 

This, of course, assumes folks read the ad.If you use the same criteria in screening everyone then no one can come back and claim you showed favoritism to one applicant over them.Gail

Keeping the mortgage low enough for less than all three being rented, with give you flexibility and allow you to screen roommates and allow for turnover.