Keep in mind in this case, you are not dealing with insurance carrires and any monetary judgment, if applicable will be difficult to collect on (particularly in this space as I am sure you are dealing with unsophisticated and poorly capitalized parties).

- 3 units are occupied by seller’s close family - All units are on month to month basis- All units are significantly under market rent- 1 unit pays on the 15th of the month- 1 unit has not yet paid for Match 1st even though my information has been provided to them twice- I have no applications or old leases1.

The idea is to move away from licenses being issued at the discretion of the commissioner, to streamline the process and have any properties that complete the application and meet the criteria get a license. 

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).

I spend $1M+ annually on marketing but I am unwilling to give credence to a company who essentially blackmails & shakes down business owners through the use of nefarious reviews that aren't applicable to the type of industry we are in.

I always go a little cheaper than rentometer so I can get more applicants and choose the better applicant.

I agree with you (and the podcasts), application of our skills is where the rubber meets the road and we truly learn. 

How do application fees work for rental units?

The appraiser must develop and report the result of any approach to value that is applicable and necessary for an appraisal, even if the Seller did not request it.Appraisals that rely solely on the income approach for the opinion of market value are unacceptable."

I think you'll find that the '1% Rule' isn't applicable in most markets - especially those that are high demand - and that it hasn't been for some time.