Tenant Rental Application - Documents to ask?

[Balaji Srinivasan]

Folks-

Hope you can help me, i have an application from a prospective tenant, the self-disclosure shows an adequate income-to-rent ratio, and the income source is from a business. The credit report and background check does not indicate any red flags. 

How do we verify the income and other debts for someone running a business, as they wont have a paystub or W2?. They claim to have just sold a home and not able to find something to purchase quickly and hence looking to rent.

They have offered to pay for 6 months in advance, in lieu of lower rent.

Any red flags?