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).

Additionally, exploring alternatives like legalizing the existing cellar apartment, if applicable, or renovating the current layout to increase rental income could be viable options.

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).

Some items I think should qualify, such as: time spent monitoring rehab progress/talking to contractortime spent talking to vendors & placing orders time spent talking to PM/CPA/attorney regarding my properties;time spent reviewing statements/invoicestime spent preparing mortgage application,  tax filingtime spent writing contracts with contractors, PM, equity partners etc Some items I'm not sure.

All - I have a "tenant" that had his application approved.

This is a great website that should definitely be utilized.Electronic Locks / Lockbox - Day 1, I have a handyman set up electronic locks on the front and back of the property and set up a lockbox on the premises for contractors.Welcome Letter - Day 1, I provide the welcome letter going over the new ownership and any other applicable information.These should be a good starting point. 

Essentially, I'm holding onto this property for myself and dipping my toes into landlord responsibilities in the interim.However, I'm now unsure if I'm taking the best route, as despite aiming for breakeven or positive cash-flow, the house isn't attracting any applicants.

I would highly recommend full background checks and ensure you understand the tenant/landlord laws in regards to approving and denying applications.  

If they deem it unaffordable, they will try to negotiate it down and if you aren't satisfied then you can start the process over with another tenant. the 2k they are currently covered for rent can be an old number and one the past owner never bothered raising, but I would assume you would have to do your own application to be a landlord and I am sure the numbers used would be based on current FMR and the tenants current income level.. then again my knowledge is based on S8 St Petes Flordia, and you should call s8 housing authority to get clear and best answers

You set up the loan with the lender: you will need to send them some common things like entity paper work, executed contract, rehab budget, insurance, void check, an application maybe.