So act quickly, do as the others are saying and screen him according to your standard criteria. credit, references, eviction history, etc.

We took the reverse action and started lowering asking rents until they moved.I suspect the reason that one property of yours turned quickly is because your asking rent was very favorable vs. local competition. 

Either way its good to buy end of year as most builders and sellers are offering seller credits or builder credits to use towards closing costs or to buy a rate down to help get a lower payment.Even if you wanted to buy a strater home like a 2-4 unit as a primary again you only need to put 5% down. 

The credit unions tend to have lower fees and offer solid business products.

That way, you might preserve some of your monthly profit while still knocking out that line of credit.

I understand credit enhancements and additional guarantors are sometimes required but to be unable to cover escrow funds and to give away deal ownership for that service is kind of crazy but back to the main point, the real issue is when the Co-GP is not truthful about their true role or embellishes their portfolio/ unit count. 

Current rate is 5.75 and credit scores are around 750.

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

In the class category it works to your favor the higher the risk the greater the CF.I am 58 y/o I have been in Rental Real estate Market for 7 years with the major focus on generating income for retirement.  

I have no debt aside from the properties and regular monthly credit card debt.