Requiring raising preferred, probably impairment to early investors may happen.

More often than not they fess up and kind of confirm they don't meet requirements if that is the case.  

I wanted to get back in the game again but don’t have much in reserves that most if not all HML require.

Send a Lease Violation Notice immediately - by mail with proof of delivery required (cheap date through post office) and or affix the notice in a envelope with his name on it on the door of the unit. 

It's important to understand the zoning/code requirements and obtain all necessary permitting if you intend on operating your real estate as STR anywhere in the country.

I wouldn’t worry about the higher dp because any investment property is going to require 20% down , like a DSCR  Let me know how that turns out!

Thanks @Nathan Gesner I admit is seems odd that we couldn't require a SS#. 

I think it would require a major asset heavy backer to provide the confidence the investing public needs to scale to profitability.  

You'll need more capital and most will require a personal guarantee and personal financial backing. 

Just make sure you set up a LLC to rack up the required experience.