We have never collected that and it is not a significant cost.Also be very careful changing criteria mid stream, I would only change it between vacancies. 

Hello Kyle,When screening applications for the properties that I manage, I always look for:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)I have found this screening standard very helpful when finding tenants who pay on time and treat the property well!

What if they have collections or judgments?

First things first, when assessing property managers, it is crucial to prioritize their ability to collect rent and manage delinquencies.

BP creates the impression that if you're not buying, you're automatically in 'analysis paralysis.' 

PM's will keep all late fees, they hold the security deposits so they collect all the interest on security deposits. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

But I know there’s so much to learn from the collective wisdom of this community.Let’s share some insights:What’s been your most successful recent deal, and why?

We also have a nextgen in our primary home that we rent and collect all rents for that to the same account as the rental.

Quote from @Michell Chase: The signed contract states a deposit was collected, so I would make that part of your purchase agreement.