.: The applicant needs a social security number or an individual tax ID number (ITIN).

Nowadays, people can make paycheck stubs/W2's that look convincing so just make sure you invest in software that gathers verified information on applicants.  

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.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

I’m new to the community and I’m planning to start a Section 8 rental property business.

One housing authority wouldn’t even entertain the request, while another was open to it because it was an affordable housing property, requiring just an application for the exemption.From my experience, dealing with government agencies, especially when trying to save money or get financial benefits, can be a slow process.

If the applicant comes from the pool of people that I or my tenants know, I use real estate as a way to give back as many of my tenants will not qualify credit wise or may even have a criminal background or would struggle for another reason if I were to just stick to the "background/credit check" criteria. 

Legitimate lenders may charge a small application fee (around $250) to verify you’re serious, but if someone’s asking for thousands with no real intention of closing, that’s a huge red flag.On a more positive note, there are creative financing approaches out there.

If you present the listing well, put it on multiple platforms and are asking a reasonable rent you will get plenty of interest and applications quickly. 

These requirements are solid, keep them: Application: Everyone aged 18 or older must complete an application.