In order to be successful at managing properties you need a lot of property manager experience and hundreds of properties to justify the staff, software and processes.

In addition to the expenses you mentioned, (mortgage, vacancy, repairs) consider:Property taxesRental income tax (if applicable in your area)Utility bills (unless tenant pays)Property management (unless you'll do it yourself)HOA fees Advertising (when vacant)Best of luck to you!

It might also have an application for a  land trust format that might be useful.What ever you do, run it by a lawyer.

Also verify that the address on the credit report line up with the address on their application.

This is the lowest level of mortgage applications since 2000, or 14 years ago. 

Like any good real estate investor, look at the properties they manage, find the owner and call them directly and ask how it is going.It sounds silly, but find out what management software they use.

I can think of two scenerios that could be problematic.You started a thread asking advice on strategy on a potential deal and you mentioned your bottom line and tour buyer/seller or their agent happened to see your post.You post about a situation about a tenant, or an applicant, and in reading your post they know you are not going to renew their lease or you might be evicting them, hence escalating the problem.

And because if someone wants to leave early there isn't to much you can do about it anyway when they use the security deposit as last months rent no matter how many times you have in the contract that they can't do that.I wound up with a non-rule following tenant, we a no cat policy, this was clearly communicated and the applicant even said,"I don't even like cats" but then she is cat-sitting all the time with the excuse she doesn't own the cat even though our lease says "NO OTHER ANIMALS FOR ANY PERIOD OF TIME".

Thanks, Larry,I am looking for the business plan template for a loan application.

I am using one provider to process auto-debits for monthly rent, another provider to do backround checks, my accounting software to do the books and reports and the trusted Excel spreadsheet to keep my overall picture.So my goal is to have a single PMS in place by 2015 that will allow me to have everything in one application.