did they lock the loan at initial application, and for how many days?

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

@Robert Kemp Brandon Turner's book, "The Book on Rental Property Investing" includes downloadable guides that spell out the qualifications that applicants must meet to be eligible.

Probably the same thing sorry, I just always thought assisted living required a higher level of credentialing/applications/paperwork.

I would add, make sure you have good landlord resources as you enter into the landlord domain-lease agreement fitting your situation-resources for your tenant application process -needed landlord forms and notices-education resources-management tools (e.g. software to keep all records, pictures, payment history, etc.)Best wishes.

. $40 application fee - runs credit and background checks on tenants.

@Richard Hoyte When calculating your expenses and income you also need to allow for things like lawn care/snow removal if applicable as well as set aside an amount each month for repairs and maintenance, CapEx, and vacancy.

If you list hard and fast terms, your sneakier people will conveniently leave some of their animals off the application. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

At the signing we take them through the lease page-by-page as with any new tenant, take pictures of ID and also ask them to fill out our rental application so we have not only updated but what we consider complete information about them on file.