I use the 3x rent for my first barometer, steady employment, good credit, and of course 3 years of rental history.

Verifying last 2 years of rental history very important!

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

You’re looking at a market where cash flow is more predictable, and that's something you can count on in the long run.Another reason Memphis is popular with out-of-state investors is the city's history of solid returns.

You don't need to provide employment history, paystubs, w2s, tax returns, etc and DTI is not a factor. 

They may also require US credit history, although there are a handful that will not require a US credit report for an increased rate/ reduction in LTV. 

What is their previous rental history like?

To Jay's point, though, there wouldnt be an impact on your DTI based on your numbers. 75% of the gross rents can be used to offset the debt to $0 until the operating history is reported on a tax return, so if the rent is 65% higher than the mortgage, then the impact to DTI will be 0 until next year when 2025 tax returns are completed.You could try to find a DSCR program that allows you to become a partner of the entity after the property is bought and financed, but this will require significant trust in your partner and may or may not work from a financing perspective.

. - Rents are also a function of supply - 2024 saw the most new construction of multifamily units in American history (nearly 575,000 estimated 2024 deliveries of new multifamily inventory), and 2025, while not a record setting year, will see deliveries top 500,000 again - a huge supply increase. 

Because of Seattle's hidden criminal history I got stuck with a criminal.