I know this isn't the conventional way to job search but I have been firing off applications for almost a year now and haven't been hearing back so I wanted to give something else a shot. 

Thank you for the note about likely extension application if i were to switch. 

Based on the information that you have given, the loan application would be in your name since you seem to be the only one employed and use the rental income (75% of rent) to fully qualify you using your employment income, rental income versus your liabilities.

That logic and view is totally irrational and not applicable.

During due diligence, we ask for copies of the leases and any available tenant application paperwork.

Your friends might not want or need this, but if you go to an institutional lender, this is what they'll ask for...GUARANTOR APPLICATION: Each owner of the Borrowing Entity will need to complete some sort of application on themselves personally.

Just need to make sure the property generates enough income to cover the monthly principal, interest, taxes, insurance and HOA (if applicable).

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).

We are also getting a ton of terrible applications. 

As soon as the deal closed, I submitted in my application for the Philadelphia Business Privilege License (which was received online pretty much immediately) and then applied for the Rental License (AKA Housing Inspection license) for my rental property (apparently takes 4-6 weeks).