However, without significant updates, they’re likely to reject your application outright without leniency. 

My issue is, it's been almost 3 months and I haven't be able to get good tenant applicants.

Challenge is where is their motivation to properly screen applicants and get rid of nonpayers?

If possible, in the future I would try to obtain a copy of a standard Condo questionnaire from the HOA prior to the mortgage application process and ask your lender to review it in advance in order to mitigate some of the time and costs risks associated.

I know property managers in every state who use non-refundable application fees and it is the standard for every class of property and applicant.

The great part about contacting the CDC directly (and a large one such as TMC) is they can make referrals to banks that would be interested in your project (i.e. banks that have been actively doing SBA hotel loans)...rather than you having to chase down the bank first, which can be very difficult.Regular commercial lending requirements are applicable (will vary by bank):1 - no bankruptcies2 - no foreclosures3 - FICO > 7004 - net worth >= loan amount5 - post closing liquidity >= 12 months of P&IIf this works out, you are going to be glad that you made this post.

The window for application won't open until what's now a draft proposal becomes law.

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.

Hi Everyone,I am looking to get started with doing rental arbitrage with my cousin who is a Green Card holder, however, I am on a H1B Visa which restricts my ability to earn income "actively".

I've got a long term tenant lined up & the unit is a non smoking unit, which the applicant is aware & fine with for indoor.