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

We normally do not seek judgement due to the expense that is involved, even after you win you have to continue to renew the judgement every year.We put them in collections and have it hit all three credit bureaus.

Personally, I follow this standard for every application I receive:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)This process has helped me place quality tenants over the years.

The banks/credit unions said I needed 6 to 12 months of ownership to get refied. 

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

@Sakib KhanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I am not sure if anyone else saw it:"Full and Liquidated Damages": This limits both parties to just the damages stated in the contract.

It the tenant causes a fire and damages my house and neighboring houses then their renter's insurance will conver all the costs.My HOA has insurance.

When looking into it, the basement had water damage that didn't worry us since we knew how to remodel that area ourselves.

Instead, it works like a credit and goes toward some of your upfront costs.