Regarding the first part of your question is it easy to rent in Fauntleroy... obviously price and amenities are the biggest factors that determine how easily something will rent. If you are local I highly recommend driving around the area and look for "For Rent" signs. Call the number and ask about the property and the asking price. A couple of other good sources to look at would be http://www.rentalads.com
Both these sites will help you determine the current rental market value.
As for public transportation I would highly recommend looking at the King Co. transit website to help you determine if you feel it's accessible. You can find them at http://transit.metrokc.gov/.
When you see a few homes that you are interested in buying we can be a lot more specific to access to bus stops.
Finally I would recommend getting some help with the rental. Again there are a couple of options. You can turn it over to a property management company (a lot of them offer a variety of services), or you can opt to manage it yourself. If you plan on managing the property yourself consider joining a landlord association. http://www.rha-ps.com
is a local association that can help you with rental forms (personally I feel they are far superior rental forms then what you can get from the local MLS), great source for education, they advocate for local landlords, and monitor what local and state government is doing regarding rentals.