Rent by the Room Month-to-Month Leases: Change your screening?

[Grant Shipman]

This is my first rental property....

I have a 7 bedroom home, and have opted to do 4 month leases that convert into month-to-month leases.  I'm not interested in comments on this strategy at this time.  I am interested in hearing feedback on how this could change the screening process.

Here's my current screening process:

1. Collect & Verify last 5 years of rental & employment history.
2. Run Checks: criminal, credit, and eviction.
3. Income Requirement: 3x monthly rent (this can be substituted by paying a security deposit of 4x rent)
4. Phone Interview
5. In person (or video) Interview

My rental strategy seems to greatly reduce my risk (eviction, damage to property, vacancy, etc).  I was entertaining the idea of changing the screening process to this: (changes in bold)

1. Collect & Verify last 2 years of rental & employment history.
2. Run Checks: criminal, credit, and eviction.
3. Income Requirement: 3x monthly rent (this can be substituted by paying a security deposit of 4x rent)
4. Phone Interview
5. In person (or video) Interview

I'd super appreciate your feedback, so I can brain-storm this through.  Maybe I'm not considering all the factors I could be or I'm considering factors incorrectly....