Although you don't need licensing for many loans, it's probably a good idea to deal with and verify the licensing of NMLS licensed lenders.

Commercial loan How did you add value to the deal?

But if you’re going into a 7% loan with little cashflow or appreciation potential I would look for a different buy box. 

, demand came from travelers, students, and nurses.

Loans are nothing more than networking, and strong financials which you look to have on the property.

If those don’t align, vacation rental or investment property loans might be better options.

No matter how you do it have a back up plan in the event the mortgage company call the loan due.    

However, if your income can't support the debt of the mortgages plus whatever else you may have (car loan, student loans, etc) then you may NEED that lease signed in order to offset some of the debt.

I am pursuing Fannie Mae’s 5% Down Multifamily Loan.

Our agent is not an expert on this type of deal but suggested a short loan term of 3 or 4 years and a balloon payment and written up by a lawyer.