Hi All,My name is Mike and I am a recent college graduate (SDSU) and newbie investor from Southern California.I'm excited to say that after a few months of research and education I have officially jumped into the playing field, sending out ~150 direct mail marketing letters to out of state/area mutifamily property owners across 3 cities.As I continue marketing to owners, I hope to begin screening deals in the next few months.

The market rent for a house it’s size in the area is $1,100-$1,200 with the tenant paying all rents.

What are your strategies for screening tenants?

How do you screen tenants (methods like Income verification, Credit Checks Approval/Pre-Approval)?

No idea what you paid for this place but it sounds like you're pulling at least 1% (1200x3 rent) guessing based on the size of the mortgage.

So the biggest challenge I see with this property is the lot size.

If you aren't using a PM then it will depend how you screen the tenant and what programs you use on cost for advertising or screening( screening can usually be put on the tenant).When having the tenant any repairs that come up will be additional cost (largely dependent on the property and tenant).

Im not sure how a 53 unit complex would be depending on size but sounds big to me.  

When you say “Big” money deals, what size are you referring to?  

Even in the cheapest markets where we operate a portfolio of that size is going to run an investor somewhere in the $1M to $4M range.