You may not collect anything, but it will sit on his credit report and prevent him from getting a car loan, home loan, or scamming another landlord.

I am unconvinced that the new administration will meaningfully address the deficit and US credit will continue to erode gradually, contributing to rising rates.

With your good credit you can get in to a home for just a few % down.

The problem in analyzing is we have no idea what Thomas' personal FICO/credit history, assets, vesting type etc.. 

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

I believe up to close to 40% down with a 720 or greater credit score on a conventional loan product could give you the best interest rate. 

We are all a lot more capable than we give ourselves credit for!

The answer is yes, 2nd lien DSCR loans exist and more than one lender can do them, but you would probably have to up your credit score to be able to get up to a total of 75% ltv between 1st and second lienOtherwise, you would have to get lucky on a favorable appraisal.

Ours tenants mostly pay online, 93%, by ACH, debit, and credit card.

Credit score. references..