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

The BP community has been incredibly helpful for a newbie like myself and I appreciate everyone who has taken the time to comment. 

If you are buying a turn key and do not expect to take cash out for a few years just gauge that on your prepayment penalty years.Rates vary depending on credit scores, LTV, DSCR ratio, Loan amount, Property type, number of units.Good news is rates have been dropping so DSCR may not be a bad option if you buy and simply refinance in 12-24 months.

. :) We are very competitive our products. 780 score ,25% down DSCR rates 6.875%, 30/30 Interest Only, $5027 IO, if 5 year prepay, No points.

We don't have the means to buy, we've been working on our debt to improve our scores but not enough to qualify to buy without a co-signer.

You'd likely be looking at rates in the low to mid8's depending on your credit score if you were to go with the 15% down.The higher LTV loans can be found in bridge loans and rehab loans since they are short term and often the value of the property increases so lenders can scale off the ARV.

For instance, DSCR loan interest rates are determined by LTV and credit score, functioning much like coordinates on a graph (think X any Y axis).

Wow, that's an incredibly detailed response!

The lender wants to run your credit score to determine whether you're Dilcia Morales or not.

: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.