A website like Pet Screening can help you verify and document pets to ensure they’re a good fit for your property.

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

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

Once these type investments develop a history, I can see a market similar to peer to peer lending where default rates become standardized and known.  

I would spend time building your list of WHO (agent, mentor, contractor/handyman), then WHAT (house type, tenant base, work needed), then WHERE (location).

I have never seen any financial statements or documents or 3rd party audits etc.  

My uncle has done 84 percent for the last 14 consecutive years (these numbers can be proven  and have been well documented) .

Quote from @Chris Seveney: @Charlene Kingsnorth have you had an sec attorney also review what you are doing as if you're are having multiple people as part of a loan participating in it depending on the state this could get you in hot water - so be careful  good point Chris some state allow fractionalized deed of Trust mortgages other do not or require PPM like documents prior to offering them..

 @Greg Scottin these instances I would say thank you and we accept your offer to return your deposit and will send over a lease cancellation document for execution 

Or any other type of special financing that I have not heard of.