The loans are underwritten based on current / projected rental income for the property and the applicants credit history. 

Property taxation classification doesn't change the property type and applicable comps.

It appears to just be a LARGE application fee?

Also, define how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

The Applicant doesn't respond and so we sent a message asking if they would like to cancel the lease.  

Did you properly screen your applicant?

I usually use avail.co or Zillow, but He does not have a SSN so he cannot complete my application for a background check.

Hi All,I am in the process of listing my first rental and was wondering what everyone's thoughts were regarding the Zillow Application and Screening services for tenants? 

We just listed a single family for $2,450 two days ago, which is pretty high for us and no shortage of applications.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.