Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Your offer to purchase should include a requirement that the seller provide all documentation and agree to sign an estoppel certificate (also called estoppel form or agreement).

Howdy @Holly FergusonYou did not include Property Management (10%).  

I have been researching various markets and have finally chosen Indianapolis due to it being landlord friendly, good job growth, low unemployment including a flourishing tech scene.

If you ask enough questions you will begin to understand the gaps and determine if you can overcome them with monitoring.And your PM would set your criteria rather than you, unless it is pet policy, most likely. 

Depending on the state you could use a lawyer to draw the agreement including all terms.

Do you allow pets in your rentals?

Payments on both loans in total (including insurance and taxes) about $530.

Also, have had an apartment rented to a tenant, not the same one, for the last two years, is this income included in the DTI?

Here are basic stats on single-family home sales for March 2018 for the City of Austin and the greater Austin area:In addition to Austin's housing supply and affordability issues, we can now include increasing mortgage interest rates to the significant forces applying downward pressure:The Fed is anticipating three to four rate hikes in 2018.