Prepare your finances, including a strong credit score and a down payment.

I require my tenants to have a minimum credit score of 680. 

You'll add more value to your park by selling the home for an incredibly low price but having the new tenant agree to a higher lot rent.

Avail.co also can do the tenant background, eviction and credit score checks.

You will get credit for their usage and should have a nice score by the time you turn 18.Take Dave Ramsey's Financial Peace University.

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

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Some people dont even intend to get that many however if you are trying to maximize 10 from each partner/person then you'd try to qualify and hold title separate for your own 10 prperties (10 + 10 = 20 total properties).You can also look at credit aspects as well but typically lenders will use the lowest of the 2 middle scores (3 scores per person but will use the middle score).So the most important aspects are the income to qualify for the loans in the case of full documentation loans.

Your insights were incredibly helpful and have given me a new perspective on the process.I appreciate the time you took to explain your approach, and I’m excited to apply some of your tips to my own investments.Thanks again for being so generous with your knowledge!

You must work at least 750 hours per year in a qualified RE business.So most people who have high-earning W-2 jobs outside of real estate won't qualify.But the unique thing about RE pro status is that even if you don’t qualify but your spouse does, you can both file jointly and claim the losses from your RE investments to offset your other active income together.It's an incredibly powerful benefit if you do meet the criteria.