Full credit check, background check, meet them in person etc. 

@Mike Muniz without knowing your background, experience, or grit, I would caution against borrowing money from anyone (especially family) for your first deal. 

I have read about using an application service where the potential tenant pays ~$50 and puts in all their information on a site and the site emails me with the credit score and background check.

The kitchen cabinets are being ripped out so they can treat the mold and the fans will run for 5 days while the water dries out.Now that you have the background, the question is: Is the landlord responsible to either use insurance money or pay out of pocket to find a new place or hotel fo the tenant to live?

Average $671/mo-$1128006 Vacant LotsTotal $130,500The expenses that were presented seemed to be quite low to me so I have adjusted them by about 25% after doing some background work and calling local vendors that are familiar with the park.$37,500 Am I missing anything when evaluating the property?

However, both us come from strong organizational management backgrounds and I often joke that my fiancee has enough skills to breeze through a GC test.

I had him ran through the zillow background, credit, and eviction record.

Background: I had used most of my mortgages before I quite my corporate job.

Get a CPA that’s specializes in RE you can find plenty here in BP.Unless you have a background in accounting and have time it’s best to find a profesional.I started with excel spreadsheets and soon as I started growing my spreadsheets started to get overwhelming keeping them up.

Here's the background:-House in pre-foreclosure, $42k past due, $300k remaining on loan, auction on November 22nd, house is in WA state-3/2 house with 2450 sf-Good neighborhood, property looks well kept from the outside: lawn is green and mowed, house paint is good, general upkeep and maintenance seems to be taken care of-Comparable houses in the neighborhood are valued at $430-480k, and comparable rentals are around $2500 a month -House is still occupiedHere are the numbers that I came up with:-$200k purchase, all cash from private investor -$50k rehab as needed: $20k for kitchen, $7500 for laminate floors, $2500 to repaint, and $20k left over for unknown costs, closing costs, or wiggle room in the deal.