Secondly, is it common to do a normal application fee for background and credit?

A borrower came to the bank, completed an application, we vetted the borrower, and agreed to make them a loan.

I use Turbo Tenant and have sent the application link to 20 or so people.

“Projections are frequently far too rosy and difficult for the consumers to understand.”Your description could be applicable to a 401k, 403b, 457, TSP, and so many other types of accounts that offer loans. 

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).

You can also waive the application fee.

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).

Yes you can get higher rents with section 8.It depends on the applicant and sometimes they don't qualify for the max HUD rent.I have 4 section 8 properties and it has been good to me.

I submit rental property and license application. 

@Kevin Kim I initially post the ad about the unit and get prospective tenants to fill out my application prior to setting up showings.