Our general system is run the initial payout reports, verify all reservations from our reservations sheet, verify owner charges, fix any issues, issue final payout to owners.We only use 1 trust account and 1 operating account, with the same bank. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Work with a licensed GC (if this is your first fixer) If you have verifiable rehabs in the past 36 months that you have closed on you can rehab it yourself as long as its not a heavy rehab. 2.

I would ONLY consider that though if they had a real plan in place to catch up and I would likely verify what they said. 2.

Then I had to call again to verify it was actually canceled.

Whatever numbers someone (wholesaler/agent) gives you, verify those. 

Verify all information and don't be pressured into doing a deal with them.

It doesn't matter how you present something if you don't have verified experience to bank on.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Verifying last 2 years of rental history very important!