. - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio. 

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

Yes the penalties are high, so if people think they might be selling when they renew their mortgage, they get an open rate mortgage that allows them to sell with less of a penalty than a closed rate mortgage. 

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

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

Our biggest climate risks in central Texas are typically wind and hail, so anything of concern regarding the roof could get an applicant declined including trees too close to the roof surface, roof over 10 years old, etc.

The mechanism would allow the property to be re-deeded to all of the LPs as tenants in common. 

Travelers, Farmers, Steadily are some who allow this model.

1) We make sure backside funds are confirmed at title before we initiate frontside wire.2) Our agreement that we get the wholesaler to sign essentially would allow us to secure a loan against the property if for whatever reason there was an issue (as never happened).3) We generally insist that both the A-B and the B-C contract are at the same title company.

I'm kinda surprised more people aren't talking about it because it's a fairly transformative law, allowing investors to create ADUs as well.