I just received an application from someone who meets the income requirement (3x rent) but not the credit rating requirement.

Would be interesting to hear experiences others have had..The expectation for rent being used to help build credit has slowly grown over the years.

The closing attorney or title co will draw up the closing statement so each party will know exactly what their costs, credits or debits will be in closing the transaction.  

You might check with smaller outfits too like Co/Lab lending, Preferred Mortgage, Aceland Mortgage, and co-ops/credit unions.

@Jaycee Greene I’ve contacted big banks small local banks and I haven’t quite tried credit unions although I have 2 credit unions for which I have accounts (but my experience is that they aren’t offering that much better terms).

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

What is your roof goes, a heating unit.... you're credit card debt could build up quick as a result of this putting yourself in a bad situation.

For sale by owner and seller finance is completely different. buyer/tenants don’t always have bad credit.

They're good to have open access to capital/cash/equity to a property ahead of time so you can execute a deal or purchase when the time comes on a split second decision (versus having to apply to a loan at that time which might take 20-45 days to get approved/closed/etc plus by that time you dont know what your future income/credit/assets will be like in order to qualify anyway).The second use is sleep at night factor and having a reserve of capital in the event an emergency event occurs in life.For these two reasons is why I use lines of credit.

See, it's not truly about lowest $ down, and actually lowest $-down can be a very bad thing in some instances.