So make sure if you also want to collect last month's rent up front to not get burned, document that!

Many borrowers file this form as an exclusion to their US federal taxes as they may have been taxed by the country where they are earning the income.Required Documentation for Foreign IncomeWhen it comes to processing foreign income for a loan, documents required may include:» Most recent personal tax returns» History of receipt» Proof of continuance of foreign income earnings» Conversion of the income from the foreign currency to US dollarsThese documents must be translated or completed in English so that a loan reviewer can properly evaluate the information provided.Fannie Mae & Freddie Mac GuidelinesIncome from Foreign SourceIncome from foreign sources must be reported on the borrower’s most recent U.S. individual federal income tax returns.

I had hoped to offset it with my capital loss carryover and haven't planned for any expense documentation etc. can I make the case that I am not a dealer because this is my first time and also have a high w2 income relative to the LLC profit? 

Try to find any documentation possible.

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

I would be beneficial to determine if they are other aspects of the property that make it a worthwhile investment (tax, appreciation etc). 

I've asked this seller for any documentation he had and he's yet to provide anything.

I already have a Stessa account which can be connected with a bank account and has the benefits of collecting rent and keeping track of documents, receipts and transactions.

This helps prove your direct participation.Proof or Documentation – Keep receipts, invoices, emails, or even before-and-after photos as evidence of your work.

The house is offered to the buyer at the ARV price, and we explain how we plan to rehab the property and its worth after repairs (ARV).The end buyer has to make a commitment of at least 10% of the ARV, provide proof of funds, and other documents required to list the property on our website.