Multiple Rental Applicants

[Brad Z.]

I like to advertise and have open houses for some of my rentals that are a bit of a drive to get to. I had one last night and walked away with 4 applicants (each of which paid a $25 app fee). I tell them what order they were received or where they stand. My question is how do you deal with this? I have documented requirements and share them with each applicant. If they decide to apply, then its there decision. I think 3 of 4 would be solid tenants. Do you run background/criminal in order they are received and once you have an approved applicant, stop? At that point, do you return the app fee to the remaining applicants or keep it?