Best way to show a remodeled, vanant, 4 unit building to 20+ people

[Joe Sauers]

Here is my situation. I have recently acquired a REO property in a very desirable part of town. It has (4) 1BR units, on top of a storefront. The store front is occupied, so all is well there. I am performing some remodeling and sprucing up to the 1BR units, and should have them ready for an April 1st move-in date. I have posted a preliminary ad stating that the units are being updated and will be ready for April 1st. I have received over 20 inquiries, and am wondering what you guys think is the best way to move forward. Should I have an open house for a weekend and collect as many applications as possible, or should I just try to set a schedule and meet 3 applicants per hour? Also, will applicants be hesitant to pay the application fee if they see many other people interested, but only 4 available units? What am I forgetting? Thanks guys.