I signed a one year lease and moved out one month early.

@Jackie Liu you probably have enough info to deny their application, but if you want to continue to try to approve:1) Ask applicant for copies of their lease(s) to support they've been there for 4 years and who PMC is.2) Get 2023 W-2 to see what address is on it3) Ask them to obtain and provide you with their FULL electricity account history.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Create as equitable utility division as you can, place this utility expense in each lease, and charge the tenants per the utility usage.  

Some lenders are going to want 2-6 months of lease history before lending, others can lend with just a market-rent estimate, others don't even need to show positive cashflow.Ultimately every borrower is unique, every property is unique, and therefore every transaction is unique.

I love that MTR turnover is not as frequent as short term rentals and there is usually higher opportunity to cash flow each month, although there are added expenses such as utilities, lawn or hoa fees etc., to account for.

Under property management costs, usually just the standard 10% of monthly rent is often referenced but the lease renewal costs & tenant replacements costs are not mentioned quite as often.

There is an opportunity to acquire a medical building ( owner is MD who sold business to a Hugo MSO two years ago and still working part time ) at 8 cap NNN lease.

What does your lease state?

All rental properties are professionally cleaned prior to leasing and/or new tenant move-in.- I also check drains, air filters, light bulbs, Smoke/CO Detectors, and any other incorrectly functioning items.