For all these inquiries, I replied back with a quick questionnaire on pre-screening questions, but only received a handful (5-10) responses.

I have a inquiry in to Arbor.

Which is why they'll ask you to explain any recent inquiries to your credit - to make sure you don't have any new obligations that have yet to report.

Our rental market here in western WA is so hot and short of inventory that we can just put up a quick ad on Craigslist and expect multiple inquiries that we then run through third-party credit checks.My earlier comment simply came out of years of experience in Minnesota where casual insulation of plumbing can prove costly.

@Zorya Belanger may be able to add some insight or open up a few more avenues of inquiry.

If loans are going concurrently then both lenders will require a  Letter of Explanation for Credit Inquires for the purpose of determining if your credit inquiries will result in you borrowing money.

All these hard inquiries and debt have dropped my credit score from a 780 to a 695 in 15 days.  

My inquiry calls reduced to a more manageable 10 or so calls a day, and I was still getting quality candidates so I knew I found my sweet spot.

I've copy/ pasted below my response to a very similar inquiry from earlier in the month.

In order to understand the cap rate, you can do some research, which  might include: 1) Looking at recent broker reports to see where cap rates are in your area, 2) Call a few brokers about current offerings in your areas and see where cap rates are currently, 3) Call a few banks and inquiry about their refinance options as well as where cap rates are, 4) Ask a few property managers in the area.