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Thats a hard question. If I had a choice and could have my house vacant for 6 months out of the year, I would only take people with 650+ credit scores, good references, stable work histories, etc. Unfortunately, if I kept those standards, my house would NEVER rent. My short list is this:
* Absolutely NO previous Evictions (no matter what)
* Some sort of credit history (even if its not good)
* No recent repossessions, charge offs and in good standing with current creditors
* No recent bankruptcies
* No Lies on the application ( yes, I have caught a few)
* No Section 8
My standards are probably lower than most "seasoned" LLs around here, but thats what I have to deal with in my area to keep it rented. Make sure to charge an screening/application fee and state that it is NON-REFUNDABLE. Bad tenants don't want to waste money if they know you will probably reject them once you perform proper screening.
The main thing is to stay active as a LL. Use the LPA Lease as a starting point, and follow the rules to the T. Don't let them push you around or you'll be their lapdog for the entire time.
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